BMA: redomestication myth firmly dispelled in 2013

Only 12 captives have redomesticated from Bermuda over the past three years, with none having moved this year, according to figures from the BMA.

As Shelby Weldon, director, licensing and authorisations at the BMA made clear: “New captives continue to enter Bermuda. In addition, suggestions of a growing trend of captives redomiciling back onshore have not been the experience of the Bermuda market.”

“In fact, during the first seven months of 2013, no Bermuda captives have redomiciled to other jurisdictions, either onshore or offshore. Overall, during the past three years, a total of 12 captives have moved to another location.”

The Bermuda Monetary Authority (BMA) registered 47 new insurers between January and the end of July this year, a 81 percent increase on the 26 registered during the same period last year.

13 new insurers were formed in July alone, with nine captives (six single-parent and three multi-parent captives) having been formed since the start of the year as Bermuda continues to blaze a trail in the sector.