Growth Continues in Bermuda's Captive Reinsurance Sector

The Bermuda flag with bunched red fabric on a black background

February 01, 2019

The Bermuda flag with bunched red fabric on a black background

New re/insurance registrations in Bermuda increased from 58 in 2017 to 75 in 2018 according to the Bermuda Monetary Authority (BMA).

The greatest year-over-year growth was experienced by Bermuda's commercial re/insurance sector (Class 3A, 3B, and 4 general business and Class C, D, and E long-term re/insurers) with 28 new commercial re/insurer registrations in 2018, compared to 17 in 2017.

In addition, the growth of Bermuda's captive re/insurance sector continued its momentum; 19 new captives (Class 1, 2, and 3 general business and Class A and B long-term re/insurers) were registered in 2018, compared to 17 in 2017.

Craig Swan, managing director, supervision (insurance), said, "The BMA's 2018 re/insurance registrations tell a very positive story about the health of Bermuda's re/insurance market."

"We have seen growth in the long-term re/insurance space," Mr. Swan said.

"The BMA registered 15 new longterm (re)insurers in 2018, compared to six registered in 2017. Bermuda also remained the leading jurisdiction for the issuance of insurance linked securities in 2018. So it was not a surprise that registrations of Special Purpose Insurers increased year-on-year; from 24 in 2017 to 28 in 2018."

The full list of BMA's 2018 re/insurance registrations are available on the BMA website.

February 01, 2019