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Captive Insurance Growth: Bermuda Joins Domiciles Reporting 2015 Increases

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January 19, 2016

Bermuda registered 22 new captives or limited purpose insurers in 2015, the Bermuda Monetary Authority (BMA) has announced. This represents a 38 percent increase over the 16 captives registered during the prior year.

Shelby Weldon, the BMA's director of licensing and authorizations, said in a press release, "Captives registered between July and December 2015 cover a diverse range of risks, from oil and natural gas drilling in Canada to drivers' insurance in Peru.

"It is encouraging to see continuing registrations from Canada and Latin America, as these regions have been targeted by Bermuda's business development efforts," Mr. Weldon continued. "However, the US remained by far the greatest source of Bermuda's captive formations during the second half of 2015."

Bermuda's captives remain out of the scope of Solvency II supervisory requirements, which only apply to Bermuda's commercial (re)insurers and insurance groups, the press release stated.

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