Bermuda Saw 17 New Captive Insurance Company Formations in 2021

Boats and homes in Bermuda

June 16, 2022

Boats and homes in Bermuda

Bermuda licensed 17 new captive insurance companies in 2021, according to the Bermuda Monetary Authority's (BMA's) 2021 annual report.

The new formations are an increase from 2020, when Bermuda licensed 12 new captives insurance companies.

Released this week, the BMA's 2021 annual report said Bermuda registered 78 new insurance entities in 2021. In addition to the 17 new captives, the group also included 27 special-purpose insurers, 19 commercial (re)insurers, 1 innovative general business insurer, and 14 intermediaries.

The BMA said that 50 of the new (re)insurance registrants underwrite general business exposures, with the remaining 14 underwriting long-term business exposures.

The BMA also said it registered three new (re)insurance groups in 2021.

June 16, 2022