The Commonwealth of The Bahamas

The Bahamas, through a robust legislative framework and financial services expertise, continues to provide a market for international SME’s to establish captives as a part of their risk management framework and risk financing programs. Forming a captive in The Bahamas also provides a financially safe and sound platform for those entities desiring to take advantage of the synergies within our financial services sector.

[Last updated: 25/08/16]
Regulatory contact: Mrs. Michele C.E. Fields, Superintendent of Insurance
Third Floor, Charlotte House, Charlotte & Shirley Streets, P.O.Box N 4844,
Nassau, Bahamas
Telephone Number: 242- 328-1068; 242-397- 4185

Name of Captive Legislation
The External Insurance Act, 2009 (Chapter 348)
Year Legislation Passed
2009
Recent Amendments
None

Do you allow Cell Captives?
Yes. Companies wishing to establish cell captives must also be registered as a Segregated Accounts Company in accordance with the Segregated Accounts Companies Act, 2004.

Total Number of Licenced Captives 
(As at December 2015)

  • 146 – total captive insurers

Number of Risk Retention Groups or Group Captives:

  • 0

Number of Single Parent Captives (As at December 2015)

  • 14 – single parent captives

Number of Cell Captives: (As at December 2015)

  • Segregated Account Companies - 6
    • Segregated Accounts - 128

Number of licences granted in the past year (2015 calendar year):

  • 2

Approximate (or Average) length of time to process a new captive
A completed external insurance application package can be reviewed for approval within 30 – 60 days.

Captive tax rates
External Insurer Application Fee: $100
Segregated Account Application Fee: $250 per segregated account
Annual License Fees -

  • Restricted External Insurer: $2,500
  • Unrestricted External Insurer: $3,500

Minimum capitalisation rate
The minimum statutory capital for a licensed insurer is as follows:

  • General Insurer: $100,000
  • Long-term Insurer: $200,000

Licencing fees

  • Restricted External Insurer: $2,500
  • Unrestricted External Insurer: $3,500

Industry sectors best represented in the domicile

  • There are several industries represented within the external insurance sector inclusive of the following:
    • Health Care & Medical Services
    • Construction
    • Agriculture
    • Manufacturing & Retail Business
    • Financial Services (Wealth Management)

Top 5 uses for Captives in the domicile

  • Medical Liability
  • Product Liability
  • Pecuniary Loss
  • Property Insurance business
  • Wealth Management

Total premiums received by the Captives: (As at December 2015)

  • Gross Written Premium - $173.5 million

Total value of assets under management: (As at December 2015)

  • Long-term Insurance: $772.2 million (unit-linked investments)
  • General Insurance: $128.9 million (Segregated Accounts only)

List registered Captive Insurance Managers registered to conduct business in your domicile, and if possible, number of licenced Captives managed by each Insurance Manager:


Insurance Managers (External)

Number of Active External Insurers (under management)

Atlas Insurance Management

4

Berry Island Management Limited

1

Hamilton Captive Management

3

Leonna International Insurance Brokers Ltd

1

Nordica Insurance Management Limited

0

PTC (Insurance Management) Limited

1

Patriot Captive Management

1

Winterbotham Insurance Management

4