BMA: Captive Premiums Of Approximately $40B
The Bermuda Monetary Authority [BMA] said they “had a total of 711 active captives [re]insurance licences on its register on 31 December 2018, totalling captive premiums at approximately $40 billion.”
Saying that Bermuda maintains its position as the “premier jurisdiction for captives,” the BMA noted that nineteen new captives registered in 2018 compared to seventeen in 2017.
Craig Swan, Managing Director, Supervision [Insurance] said, “The majority of the new captives originated from the US, but they also came from Europe, Canada, Latin America and Africa.
“The new captives covered a diverse range of company structure, including pure captives, association captives and long-term captives. In terms of the lines of business being written, there was no one predominant area among the new captives,” Mr. Swan said.
“Instead, there was a good mix of property and casualty classes, including general liability, professional liability, workers compensation and motor.”
