Bermuda registered a total of 58 new insurers in 2017, ranging from captives and long-term re/insurers to special purpose insurers (SPIs).
This represents an increase compared to 42 in 2016, according to Bermuda Monetary Authority (BMA) statistics.
“The BMA figures reaffirm Bermuda’s status as the ‘world’s risk capital’ and also underscore the breadth of our risk-solutions market, as well as the innovation and expertise that distinguish the island as a centre of excellence across each risk sector,” said BDA CEO Ross Webber.
Despite challenging market conditions globally, including mergers and acquisitions activity and consolidations, Bermuda in 2017 held its number-one position atop captive insurance domiciles, based on total licensed captive, according to the organisation. Some 739 active captive licences were on the BMA register at year-end, including 17 new entities—compared to 13 in 2016—and Bermuda captives wrote $54.7 billion in net premiums.
“This continued growth highlights how important Bermuda’s captive offering is in the global arena where our experience, pragmatic regulation, professionalism and integrity continue to set Bermuda apart from competing jurisdictions,” said Grainne Richmond, president, Bermuda Insurance Management Association (BIMA).
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