Bermuda Licensed 9 New Captive Insurance Companies in 2025

Bermuda registered nine new captive insurance companies in 2025, according to statistics released by the Bermuda Monetary Authority (BMA).

The new Bermuda captives included the following.

• Two Class 1 companies—single-parent captive general insurance companies underwriting only the risks of the owners of the captive and/or affiliates of the owners
• Five Class 2 companies—multi-owner captive general insurance companies, owned by unrelated entities, underwriting only the risks of the owners and affiliates of the owners and/or risks related to or arising out of the business or operations of the owners and affiliates
• One Class 3 company—captive insurers not included in Class 1 and 2 where more than 20 percent of net premiums written is from risks that are unrelated to the business of the owners
• One Class A company—a single-parent long-term captive insurance company underwriting only the long-term business risks of the owners of the insurance company and/or affiliates of the owners

The new Class 1 companies included Solvers Insurance Group Limited and Rockwood Insurance Ltd.; the Class 2 companies included Anglesea Insurance Group Ltd., Leopard Re Ltd., Stingray Insurance Ltd., Pembroke Insurance Limited, and Mercuria Re Ltd.; the Class 3 company was Pasaca Risk Solutions (SAC) Ltd.; and the Class A company was Halco Insurance Company (Bermuda) Limited.