The automotive, manufacturing and retail industry was responsible for the majority of new formations on Bermuda in 2017, according to the BMA Captive Report 2018.
Of the total new formations by industry of parent companies, automotive, manufacturing and retail accounted for 50 percent, followed by financial institutions at 25 percent, education at 13 percent, and energy, power and utilities at 12 percent
Financial institution captives still account for most of the total premium share of the Bermuda captive market (46 percent) followed by shipping (12 percent) and energy (7 percent).
65 percent of Bermuda's captives are pure captive as of year-end 2017, up from 61 percent in 2016, which are captives that underwrite only the risk of its parent or affiliates.
Bermuda captives were also responsible for writing about 20 percent of all motor related business all casualty business in the jurisdiction.
Bermuda's captive market was profitable in 2017, with the median loss ratio and combined ratio for Bermuda general business captive at 54 percent and 77 percent, respectively (compared with 49 percent and 75 percent year-on-year).
BMA, Motor, Retail, Manufacturing, Captives, Report, Bermuda