Bermuda

Bermuda

Bermuda is one of three major insurance centres, the most important property and catastrophe market, and the largest captive insurance market. The island also has the world’s largest share of ILS listings ($19 billion, more than 75% by Q1 2016).

[Last updated: 23/07/16]

Regulatory contact:
Bermuda Monetary Authority
43 Victoria Street
Hamilton HM12
Bermuda
Tel: +1 441 295 5278


Name of Captive Legislation: 
Insurance Act 1978

Recent Amendments:

• Insurance Accounts Regulations 1980
• Insurance Returns and Solvency Regulations 1980

Cell captives:

In Bermuda, cell companies are called Segregated Accounts Companies and fall under the Segregated Accounts Companies Act 2000

Total number of Licensed Captives:

797 active captive licences as at 31st December 2015

Number of Risk Retention Groups or Group Captives:

Class 2 – 294 in 2015

Number of Single Parent Captives:

Class 1 – 243 in 2015

Number of Cell Captives:

The captive filing to be made next year in 2017 (i.e. for the 2016 financial year-end) will include the number of cells and the nature of business being written in any individual segregated account.

Number of licences granted in the past year (2015 calendar year):
22 new captive licences registered in 2015 (compared to 17 in 2014)

Approximate (or Average) length of time to process a new captive
• Incorporation applications normally completed within a day
• Application for insurance license can be done simultaneously with incorporation. Complete licence applications received by 5 p.m. Monday are reviewed and responded to by 5p.m. Friday of the same week.
• For approved licence applications, issuance of Certificate of Registration can take up to three business days, provided registration application is complete.

Captive tax rates
$0

Minimum capitalisation rate 

Minimum Statutory Capital & Surplus
• Class 1, $120,000
• Class 2, $250,000
• Class 3, $1 million

Licencing fees (specify if different for types of captive)
Class 1 insurer carrying on general business: $1,250
Class 2 insurer carrying on general business: $2,800
Class 3 insurer carrying on general business where gross premium written is expected to:
• not exceed $5 million, $12,360
• exceed $5 million but not exceed $20 million, $13,750
• exceed $20 million but not exceed $35 million, $15,660
• exceed $35 million, $18,000
Long-Term Class A: $10,815
Long-Term Class B: $10,815

Industry sectors best represented in the domicile

There is no one predominant industry sector but instead there are a diverse range of industries represented.

Top uses for captives in this domicile:

Lines of business written include property, property catastrophe, auto, general liability, professional liability, workers compensation, marine and aviation, trade credit, credit life, political risk and surety.

Total premiums received by the Captives:

Total all captives - US $55.3 billion according to latest figures

Total value of assets under management:
Total all captives - US $196.3 billion according to latest figures

List of registered Captive Insurance Managers registered to conduct business in the domicile:

• ACE FINANCIAL SOLUTIONS INTERNATIONAL, LTD.
• ACUMEN MANAGEMENT LTD. FORMERLY: ACUMEN INSURANCE MANAGERS LTD.
• AEOLUS CAPITAL MANAGEMENT LTD.
• AG MANAGEMENT LTD.
• AIC RISK MANAGEMENT, LTD.
• AII INSURANCE MANAGEMENT LIMITED
• ALPHACAT MANAGERS LTD.
• ALTERNATIVE RISK MANAGEMENT (BERMUDA) LIMITED
• ALTERNATIVE UNDERWRITING SERVICES, LTD.
• ALTERRA AGENCY LIMITED
• AMERICAN & OVERSEAS REINSURANCE MANAGEMENT COMPANY, LTD.
• AMERICAN EQUITY UNDERWRITERS MANAGEMENT LIMITED (THE)
• AMERICAN INTERNATIONAL COMPANY LIMITED
• AMERICAN INTERNATIONAL OVERSEAS ASSOCIATION
• ANCHOR UNDERWRITING MANAGERS LTD.
• AON (BERMUDA) LTD.
• AON GROUP (BERMUDA) LTD.
• AON INSURANCE MANAGERS (BERMUDA) LTD.
• AON UNDERWRITING MANAGERS (BERMUDA) LTD.
• ARCH UNDERWRITERS LTD.
• ARGONAUT LTD.
• ARIEL RE BDA LIMITED
• ARTEX RISK SOLUTIONS (BERMUDA) 2 LIMITED FORMERLY: (KANE (BERMUDA) LIMITED)
• ARTEX RISK SOLUTIONS (BERMUDA) LTD.
• ARTHUR J. GALLAGHER MANAGEMENT (BERMUDA) LIMITED
• ASL MANAGEMENT LTD.
• ASPEN CAPITAL MANAGMENT, LTD.
• ATLANTIC SECURITY LIMITED
• AURIGEN SERVICES LIMITED
• AXIS REINSURANCE MANAGERS LIMITED
• AXIS VENTURES LIMITED
• BEECHER CARLSON MANAGEMENT LTD.
• BEECHWOOD BERMUDA INSURANCE MANAGEMENT LTD.
• BLUE CAPITAL MANAGEMENT LTD.
• BOTT & ASSOCIATES LTD.
• CATCO INVESTMENT MANAGEMENT LTD.
• CEDAR MANAGEMENT LIMITED
• CHARLES TAYLOR & CO. (BERMUDA)
• CHARLES TAYLOR CONSULTING (HAMILTON)
• CHUBB ALTERNATIVE RISK LTD.FORMERLY ACE ALTERNATIVE RISK LTD.
• CLARITY INSURANCE SERVICES LIMITED
• CODAN MANAGEMENT LTD.
• CONSOLIDATED INSURANCE MANAGEMENT LTD.
• CRANHAM MANAGEMENT LIMITED
• CT INSURANCE MANAGEMENT (BERMUDA) LTD. (FORMERLY CTC INSURANCE MANAGEMENT (BERMUDA) LTD.)
• D.E. SHAW & CO. (BERMUDA), LTD.
• DREWARD MANAGEMENT LTD.
• DYNA MANAGEMENT SERVICES LTD.
• ENSTAR LIMITED
• EQUINOXE ALTERNATIVE INVESTMENT SERVICES (BERMUDA) LIMITED
• ESTERA MANAGEMENT (BERMUDA) LIMITED FORMERLY APPLEBY MANAGEMENT (BERMUDA) LTD.
• EVERGREEN INSURANCE SERVICES LIMITED
• EVOLUTION MANAGEMENT LTD.
• FENCOURT REINSURANCE COMPANY, LTD.
• FINANCE & RISK SERVICES LTD.
• FREISENBRUCH-MEYER INSURANCE SERVICES LTD
• FREISENBRUCH-MEYER INTERNATIONAL SERVICES LTD.
• FREISENBRUCH-MEYER MANAGEMENT SERVICES LTD.
• GENESIS UNDERWRITERS, LTD.
• GRANITE MANAGEMENT LIMITED
• HAMILTON INVESTMENT MANAGEMENT LIMITED
• HARBOUR MANAGEMENT LIMITED
• HARTFORD MANAGEMENT, LTD.
• HORSESHOE MANAGEMENT LTD.
• I.S.B. LIMITED
• INDEPENDENT MANAGEMENT LTD.
• INSURANCE BROKERAGE & MANAGEMENT COMPANY LIMITED
• INTERISK GLOBAL MANAGEMENT (BERMUDA) LIMITED
• INTERNATIONAL MANAGERS BERMUDA LTD.
• JLT INSURANCE MANAGEMENT (BERMUDA) LTD.
• JOHNSON & HIGGINS (BERMUDA) LIMITED
• KAST FINANCIAL MANAGEMENT LTD.
• KINESIS CAPITAL MANAGEMENT LIMITED
• KISKADEE INVESTMENT MANAGERS LTD
• LEEWARD MANAGEMENT CO LTD.
• LIBERTY MUTUAL MANAGEMENT (BERMUDA) LTD.
• LINGARD LIMITED
• LONDON AMERICAN MANAGERS LTD.
• MARKEL CATCO INVESTMENT MANAGMENT LTD.
• MARSH & MCLENNAN MANAGEMENT SERVICES (BERMUDA) LIMITED
• MARSH IAS MANAGEMENT SERVICES (BERMUDA) LTD.
• MT. LOGAN INSURANCE MANAGERS, LTD.
• NASCO MANAGEMENT LIMITED
• NATIONAL GENERAL INSURANCE MANAGEMENT LTD. (FORMERLY: GMACI INSURANCE MANAGEMENT LIMITED)
• NAUTICAL MANAGEMENT LTD.
• NEPHILA CAPITAL LTD.
• NORTHSTAR GROUP HOLDINGS, LTD.
• NOVAE BERMUDA UNDERWRITING LIMITED
• OASIS INSURANCE SERVICES LTD.
• OIL MANAGEMENT SERVICES LTD.
• OLD MUTUAL (BERMUDA) HOLDINGS LTD.
• PEN INSURANCE MANAGEMENT ADVISORS, LTD.
• PILLAR CAPITAL MANAGEMENT LIMITED
• PRIMARY GROUP SERVICES (BERMUDA) LIMITED
• PRIME MANAGEMENT LIMITED
• PRINT MANAGEMENT LIMITED
• R&Q QUEST MANAGEMENT SERVICES LIMITED
• REID STREET SERVICES LTD.
• RENAISSANCE UNDERWRITING MANAGERS, LTD.
• RENAISSANCERE UNDERWRITING MANAGEMENT LTD.
• RISK SERVICES (BERMUDA) LTD.
• S.C. MANAGEMENT (BERMUDA) LTD.
• SAFE HARBOR MANAGEMENT LTD.
• SECURIS ILS MANAGEMENT LTD.
• SHORELINE INSURANCE MANAGERS LIMITED
• SHORELINE MANAGERS LTD.
• SHORELINE MARITIME SERVICES LTD.
• SIGCO MANAGEMENT (BERMUDA) LTD.
• SIRIUS CAPITAL MARKETS (BERMUDA) LTD.
• SOMERS RISK MANAGEMENT LTD.
• STEAMSHIP MUTUAL MANAGEMENT (BERMUDA) LIMITED
• STRATEGIC RISK SOLUTIONS (BERMUDA) LIMITED
• STRONGHOLD INSURANCE MANAGEMENT LIMITED
• SYMPHONY MANAGEMENT LTD.
• TAWA MANAGEMENT (BERMUDA) LIMITED
• THOMAS MILLER (BERMUDA) LTD.
• THOMAS MILLER (HELLAS) LIMITED
• THREESEAS CONSULTING LTD.
• TOKIO SOLUTION MANAGEMENT LTD.
• TWO ROCK INSURANCE MANAGEMENT LTD.
• UNI-TER INTERNATIONAL MANAGEMENT, LTD.
• VALOR MANAGEMENT LTD.
• VENTURE MANAGEMENT LIMITED
• VICTOR O. SCHINNERER & CO. (BERMUDA), LTD.
• WELBECK MANAGEMENT LIMITED
• WILLIS MANAGEMENT (BERMUDA) LIMITED
• WINDWARD MANAGEMENT LTD.
• WM. H.MCGEE & CO. (BERMUDA) LTD.
• XL UNDERWRITING MANAGERS LTD.
• ZURICH INTERNATIONAL (BERMUDA) LTD.

 

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