29 January 2019Analysis

Bermuda gained 19 new captives in 2018

The Bermuda Monetary Authority (BMA) registered 19 new captive insurance companies in 2018, up from 17 in 2017.

These captives are comprised of Class 1, 2, 3 general business and Class A, B long-term re/insurers.

Bermuda registered a total of 75 re/insurance companies in 2018, up from 58 in 2017, a 29.3 percent increase year-on-year.

The commercial re/insurance sector experienced the greatest year-on-year growth, with 28 new registrations in 2018 compared to 17 in 2017. This sector is comprised of Class 3A, 3B, 4 general business and Class C, D, E long-term re/insurers.

Bermuda's ILS sector also experienced increased year-on-year growth, with 28 registrations of special purpose insurers in 2018 compared to 24 in 2017.

“The BMA’s 2018 re/insurance registrations tell a very positive story about the health of Bermuda’s re/insurance market,” said Craig Swan, managing director, supervision (insurance). “We have seen growth in the long-term re/insurance space. The BMA registered 15 new long term 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.”