Bermuda captive registrations up from last year

Bermuda reported a jump in registrations for captives on the Island in the first half of 2015, driven by increased interest from Canada and Latin America.

The Bermuda Monetary Authority (BMA) revealed that on the captive side, registrations for Class 1, 2 and 3 insurers increased from seven to ten year-on-year.

This included captives from Latin America, covering the risks of predominantly Colombian parents, and Canadian captives, covering property and general liability risks.

In total, Bermuda registered 45 new insurers and intermediaries during the first half of the year, on part with the 44 registrations during the same period of 2014.

Shelby Weldon, director of licensing and authorisations at the BMA, said: “The Authority is pleased to see that the jurisdiction’s efforts to promote Bermuda’s captive sector – particularly in growth regions of Latin America and Canada – have resulted in an increase in new captives registered during the first six months of 2015. It is also important to note that these are quality captives, writing quality business.”