BMA 2019 Captive Number Registration Statistics
As of 31 December 2019, Bermuda maintained its position as the premier jurisdiction for captives, with a total of 715 captives writing gross premiums of approximately $40 billion, according to the Bermuda Monetary Authority, who said that 22 new captives registered in 2019 compared to 19 in 2018.
Craig Swan, Deputy CEO of the Bermuda Monetary Authority [BMA] said, “The majority of the 2019 captives originated from the US but five also came from Canada.
“As well as North America, new registrations also came from Asia, Europe and Africa. Seven long-term captives registered during 2019, an increase year-on-year.”
“There was not any one predominant line of business being written by the new captives,” Mr. Swan said. “We saw a variety of property, casualty and long-term business types registering.”
A spokesperson said, “The BMA registered a total of 69 new insurance entities in 2019, including 58 new [re]insurers and 11 intermediaries.
“Captives [i.e., Classes 1, 2, 3, A, B] and Special Purpose Insurers [SPIs] accounted for over 70% of [re]insurance registrations while 15 commercial insurers [i.e., Classes 3A, 3B, 4, C, D, E] were registered.
“Of the 58 registrations, 45 [re]insurers underwrote general business exposure while 13 underwrote long-term business.
“These 2019 registrations reinforced the continued significance of Bermuda’s [re]insurance market, comprised of over 1,200 [re]insurers holding total assets in excess of $800 billion and writing gross premium of approximately $150 billion.”
Numbers look up!
In a 2014 Bernews article wheich advised of a increase of 89 captives you stated the following below the article:
“this is all great in so much as company fees that are paid to Government, but how many of these companies actually are supplying jobs to Bermuda?”
http://bernews.com/2015/02/bermudas-financial-services-market-remained-buoyant/
Amazing the change in your reaction to such news. But predictable.
that’s fine…but any increase is good. Jobs or fees.