The Bermuda Business Development Corporation (BBDC) has welcomed the Bermuda Monetary Authority’s (BMA) updated registration figures for the period ending July 2013.
The figures indicated that 47 new insurers had been formed and registered in Bermuda, including 13 in July alone—marking an 81 percent increase year-on-year.
Commenting on the recent BMA announcement, Stephen Lund, CEO of the BBDC, said: “Bermuda’s insurance market is clearly thriving with a dramatic increased in new insurance company registrations this year. This year is a welcome trend and very positive development, which validates and reinforces Bermuda’s approach to commercially responsible regulation that facilitates new insurance company formation, attracts capital and enables companies to underwrite business.”
“While some have suggested that the Bermuda market would experience declines and there would be a noticeable shift of new formations to other markets both onshore and offshore, the data shows that it is clear that this is simply not true.”
The BBDC highlighted that the new registrations reflect a steady influx of captives over the past three years, “despite the global economy and competitive pressure, which reflects the reality that the redomestication trend never occurred.”
Lawrence Bird, a BBDC board member, added: “Our captive sector of the insurance industry has been actively marketing Bermuda and those efforts have contributed to these formations in July and are further highlighted by the three new captive formations earlier this year from Latin America.”
“Bermuda is a dynamic captive marketplace with regulatory excellence, significant industry expertise and real competitive offerings that are attracting new formations from both traditional and new market sources.”
