Sat, Sep 25, 2021
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Bermuda retains status as global captive insurance leader

Tuesday, February 14, 2017
Opalesque Industry Update - Bermuda remains the world leader in the captive insurance industry based on 2016 statistics released by Bermuda Monetary Authority, said the Bermuda Business Development Agency (BDA). Year-end BMA figures indicate Bermuda had 776 active captive licences on its register.

"The Bermuda Monetary Authority figures reaffirm Bermuda's status as global leader in the captive insurance market, with more overall captives registered than any other jurisdiction," said Ross Webber, CEO of the Bermuda Business Development Agency (BDA).

"It's important to note that Bermuda held its number-one position atop captive domiciles despite challenging market conditions that have reduced the year-over-year global total of captives registered," Webber added. "The market has seen numerous mergers, acquisitions and consolidations, in which corporations have taken cost-cutting steps to integrate multiple captives into single vehicles-a trend affecting all markets."

Jereme Ramsay, Business Development Manager at BDA, noted Bermuda continues to positively differentiate itself from other captive domiciles in terms of the quality of both the companies it attracts, and the business they write.

"Bermuda captives wrote $55.3 billion at latest count, which more than quadruples posted premiums in the closest competing domiciles," said Ramsay. "Additionally, we are seeing increasing interest from emerging markets such as Central and South America, where, not coincidentally, the BDA has been focusing business development efforts over the past year. Following targeted trips to Mexico and Chile led by the BDA, a new captive from Mexico and the first ever captive from Chile incorporated on the island.

"We're finding captives are also becoming popular as wealth preservation vehicles for HNWIs and family offices from this region."

Ramsay said the BDA would continue to lead aggressive business development efforts overseas, particularly in Latin America, Canada, and relevant regions across the United States, where the majority of Bermuda captive formations originated.

"We'll continue to educate corporate markets about what sets Bermuda apart-its premier regulatory reputation, for example, and its commercial re/insurance sector that offers captive owners and operators access to open-market underwriting capacity," Ramsay said. "It is these advantages that make Bermuda such a highly attractive one-stop-shop."

In this Opalesque.TV intervie, Joe Taussig discussed why every asset manager should care about captive insurance:

Article source - Opalesque is not responsible for the content of external internet sites

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. PE/VC: Private equity continues to lead fund closings, Venture capital firms are fighting to throw money at cleantech[more]

    Private equity continues to lead fund closings From PIonline.com: Among private fund closings, private equity funds have led the pack starting in 2011, based on data collected by Pensions & Investments. During those years, private equity's share has ranged from 56% to 72% of the total

  2. PE/VC: Climate tech is hot, but VCs can't forget about water, Five top trusts to tap into the private equity boom[more]

    Climate tech is hot, but VCs can't forget about water From Crunch Base: "It is unequivocal that human influence has warmed the atmosphere, oceans, and land." These fiery words come from the latest landmark U.N. report detailing intensifying, universal climate change impacts. They cover

  3. New Launches: H.I.G. closes first European buyout fund at $2.4bn, Cheyne Capital raises another $1.18bn credit fund to invest in struggling European companies, Falfurrias Capital Partners raises $850m in oversubscribed fund, Alan Howard-backed 10T raises $750m for debut crypto fund, Crayhill Capital strikes $820m hard cap close for second credit-focused fundraise, Edmond de Rothschild's Eres IV eyes second close in H1 2022, Revaia closes Europe's largest female-founded VC fund, Octopus unveils UK Future Generations sustainable fund, TrueBridge Capital Partners closes seed & micro-VC fund I, at $170m, Federated Hermes launches low-carbon bond fund with Swedish partner[more]

    H.I.G. closes first European buyout fund at $2.4bn From PIonline.com: H.I.G. Capital closed its first European middle-market buyout fund, the H.I.G. Europe Middle Market LBO Fund, at €2 billion ($2.4 billion), a news release shows. The fund targets middle-market companies prim

  4. U.S.: Peter Thiel gamed Silicon Valley, Donald Trump, and democracy to make billions, tax-free[more]

    From Bloomberg: The meeting started with a thank-you. President-elect Donald Trump was planted at a long table on the 25th floor of his Manhattan tower. Trump sat dead center, per custom, and, also per custom, looked deeply satisfied with himself. He was joined by his usual coterie of lackeys

  5. Opalesque Exclusive: Female led team of veteran ESG investors to launch debut fund[more]

    Bailey McCann, Opalesque New York for New Managers: A female-led team of veteran ESG investors is preparing to launch a new fund early next year built on their ESG investing and advisory experience. Sustainable