Hamilton
12 September 2017
Reporter: Becky Butcher

BCC: BMA to produce Bermuda Market Review


A Bermuda Market Review, providing an overview of the captive insurance industry, is set to be released in the next few weeks, revealed Graham Lamb, assistant director of Bermuda Monetary Authority (BMA) at the annual Bermuda Captive Conference.

Lamb explained that the review will provide a breakdown of the captive insurance sector in the domicile by class and industry, as well as providing separate commentary on special purpose insurers.

The review focuses on data from the eSFR system implemented this year and data submissions received on 31 July.

Of the data submissions received so far, 28 percent are class 1 captives, 38 percent are class 2 and 34 percent are class 3.

By market composition, 14 percent are in run-off, 18 percent have segregated accounts, 61 percent have a pure captive company structure and 21 percent have an insurer/reinsurer company structure.

The data also revealed that the majority of risk assumed is from North America, which accounts for 55 percent, followed by Japan with 20 percent.

Lamb gave attendees a snapshot of the review, explaining that Bermuda remains one of the few captive domiciles that is home to a broad range of industries.

The review found that financial institutions and shipping, transport and storage remain the top industries, by parent and premium written, with captives domiciled on the island.

In terms of lines of business, property represents 67 percent of all captive business, while casualty represents 33 percent.

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