Despite tough market conditions the captive sector in Bermuda wrote $20.3 billion in gross premiums, according to the Bermuda Monetary Authority (BMA).
Reported total assets for the sector reached $85.3 billion and reported capital and surplus $42.1 billion.
Shelby Weldon, director of licensing and authorisations at the BMA, said that the market environment has become increasingly competitive in the captive space.
“Bermuda remains the largest domicile in terms of active captives—a total of 856 as of the end of 2012. We are continuing to see the new captive business choosing to locate here, based on our experience, both in terms of the practical regulatory environment and professional service providers on the ground catering to captives, as well as unparalleled access to a sophisticated reinsurance market.”
The BMA also said that Bermuda would not be applying any Solvency II-type regime to the captive sector.
