Bermuda Monetary Authority (the Authority) has confirmed that Bermuda had 776 active captive licences on its register as at 31 December 2016.
The Authority’s definition of a captive – an insurer predominantly formed to self-insure the parent company – includes: Class 1, 2, 3 general business insurers and Class A and B Long-Term (life) insurers. Bermuda’s captive register as at 31st December 2016 included: Class 1 – 225 licences; Class 2 – 280 licences; Class 3 – 255 licences; Class A – 8 licences; and Class B – 8 licences.
Bermuda’s captive register remained stable in 2016, with new registration levels consistent with the overall captive market. Last year, a total of 13 new captives registered in Bermuda, the majority of which originated from the US, however, two new captives hailed from the emerging markets of South and Central America.
Craig Swan, Managing Director, Supervision, says: “The Authority continues to ensure that Bermuda’s captive sector – which has made significant contributions to Bermuda’s economy for well over 50 years – remains appropriately regulated. The global companies that operate captives from Bermuda expect top quality regulatory standards. As such, the Authority ensures that its supervisory framework for captives, has remained aligned with the Insurance Core Principles of the International Association of Insurance Supervisors.”
