Bermuda saw 22 new captives were registered during 2019, according to the Bermuda Monetary Authority (BMA), up from the 19 registered the year before.
The domicile now plays host to 715 captives which are writing gross premiums of approximately $40billion, the association says.
As of 2019, the island’s reinsurance market has more than 1,200 (re)insurers holdings totalling assets in excess of $800 billion and writing gross premium of approximately $150 billion.
The strong formation figures come shortly after BMA tapped Craig Swan to become deputy chief executive officer of the authority as of 1 January. Swan has taken on the newly created role as part of BMA’s preparations for when the executive chairman Jeremy Cox departs in 2021, at which point Swan will become CEO.
Commenting on the 2019 captive figures Swan 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.”
