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Bermuda Single-Parent Captive Formations Tripled in 2017

Bermuda flag with ragged edges
February 08, 2018

Bermuda, the world's largest captive domicile, licensed 17 new insurers in 2017, up from 13 in 2016, but saw its captive count fall to 739 last year, down from 776 in 2016.

Jeremy Cox, CEO of Bermuda Monetary Authority (BMA), said, "The majority of the new captives originated in the US, but they also came from Europe, Canada, Australia, and Latin America."

Class 1 captives, which are single-parent captives insuring the risks of their owners or affiliates, experienced significant growth in 2017. Twelve new class 1 captives were registered, compared with four in 2016. The specific types of business being written in the new class 1 captives include a wide range, from Canadian conglomerates writing general liability and workers compensation to US healthcare captives insuring nursing homes and medical stop loss cover for employees.

Mr. Cox commented, "It's not about the number of captives on the Bermuda register; it's about the quality of the business being conducted here."

Bermuda's captive insurers wrote net premiums of $54.7 billion in 2017, compared with $55.3 billion in 2016.

Read more information on Bermuda's captives in the BMA Captive/SPI Report.

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