‘Control of risk’ replaces ‘cost of insurance’ - Bermuda’s captives must react

In a risk-transfer landscape where capital allocation increasingly blurs the lines between insurance and investment, Bermuda’s captive market is approaching a turning point. Captives are shifting from being cost‑management tools to intentional capital vehicles for sophisticated balance sheets. Bermuda invented captives and remains a market leader. But keeping pace with such change may require a new level of agility.