Bermuda Insurer Incorporations Topped 2008

February 17, 2010

According to the Bermuda Monetary Authority, forty two [re]insurance companies incorporated in Bermuda during 2009, up from forty in 2008. Most of the 2009 new market entrants for were a combination of captive and commercial insurers in the Class 3, 3A and 3B sectors.

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Latest available figures show that Bermuda’s insurers had aggregate total assets of $472.9 billion, which is a 7% increase over the $442.2 billion achieved the prior year.

Jeremy Cox, CEO of the Bermuda Monetary Authority said:

The market has faired very well, reporting significant results both in underwriting premiums and total assets. We’re pleased to see that the commercial sector remains strong. In addition, the almost $20 billion in gross premiums written by the captive sector in a soft global market, and the total number of 885 Bermuda captives, supports Bermuda’s position as the leader among captive domiciles.

While some companies did experience losses over the past year impacting capital levels, the market still remains highly capitalised and
these losses were primarily related to impairments within their investment portfolios, in line with global trends.

Click here for the full report [PDF] from the Bermuda Monetary Authority.

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