Daiichi Sankyo forms captive in Bermuda
Global pharmaceutical company, Daiichi Sankyo, has formed a captive insurance company in Bermuda, according to a recent filing release from the Bermuda Monetary Authority (BMA).
Founded in 2005, Daiichi Sankyo is the second-largest pharma company in Japan and owns the American biotechnology company Plexxikon.
The BMA has now confirmed the registration of Daiichi Sankyo Reinsurance Limited as a Class 1 insurer.
Alongside this, the BMA revealed that 37 new insurance and reinsurance entities were registered in H1 2019.
According to figures from the Captive Insurance Times Domicile Guidebook there were 711 captive insurance companies registered in Bermuda at the end of 2018, with 19 new licences last year.