Bermuda Captive Conference returns with a bang
Fronting partnerships with captives
Bermuda remains the leading global captive domicile, according to the latest figures from the Bermuda Monetary Authority (BMA).
Speaking at the Bermuda Captive Conference, Timae Flood, assistant director, insurance supervision, at the BMA, told attendees that Bermuda had far surpassed other domiciles in terms of gross premiums written, with the latest figures for 2020 amounting to more than $24 billion.
She added that, in recent years, approximately 17 captives a year had been registered in Bermuda. So far, 2022 has seen 14 captives registered on the island.
Flood said that in 2021 the leading lines for the parent companies of those captives included energy, power and utilities, and shipping and transport.
According to Flood, bringing some captives to fruition could take some time in many cases and called for companies that were interested in creating a captive to seek advice from regulators and other areas as soon as possible to obtain the best possible result.
Moses Muoki, deputy director – supervision (insurance), and Graham Lamb, assistant director – supervision (insurance), both serving at the BMA, also stressed that while the BMA is currently looking at making changes to its code of conduct for insurers, no significant changes are being proposed that should affect captives.
BMA, Bermuda Captive Conference, captive, captive domicile, Timae Flood,