Bermuda new captive registrations remain stable

The number of new captives that registered on Bermuda in 2021 has remained at the historical yearly average of the mid-teens, according to the Bermuda Monetary Authority’s (BMA) 2021 annual report.

According to the report in 2021 78 new insurance entities registered with the BMA, comprising 64 (re)insurers and 14 intermediaries.

The new re/insurer registrations consist of 17 (27%) captives, 27 (42%) SPIs, 19 (30%) commercial (re)insurers and one (1%) innovative general business insurer.

In recent years the number of new captive registrations on Bermuda has been varied between 14-17 a year.

50 new re/insurance registrants underwrite general business exposures, and the remaining 14 underwrite long-term business exposures. Additionally, there were three new re/insurance groups registered in 2021.