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.

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
South Carolina welcomes 15 new captives
19 January 2018 | Charleston | Reporter: Becky Butcher
The South Carolina Department of Insurance has licensed a total of 15 new captives in 2017
A.M. Best withdraws SARRG ratings
19 January 2018 | Oldwick | Reporter: Ned Holmes
A.M. Best has withdrawn the credit ratings of SARRG, after the company requested to no longer participate in the rating agency’s interactive rating process
Regions Insurance promotes Mike Breedlove
19 January 2018 | Alabama | Reporter: Ned Holmes
Regions Insurance has appointed Mike Breedlove as its new executive vice president of property and casualty operations
Advantage opens Vermont office
18 January 2018 | Vermont | Reporter: Ned Holmes
Advantage Insurance has opened a new office in Vermont to support its growing captive insurance services business
Tennessee captive premiums exceed $1 billion mark in 2017
18 January 2018 | Nashville | Reporter: Ned Holmes
Tennessee-domiciled captive insurance companies exceeded $1 billion in written premiums in 2017 for the first time, according to year-end figures from TDCI
JLT IM hires new senior account manager
17 January 2018 | Vermont | Reporter: Ned Holmes
JLT IM has appointed Jocelyn Lyman as a new senior account manager
National Interstate establishes group captive
17 January 2018 | Ohio | Reporter: Ned Holmes
National Interstate Insurance has launched TowCap Premier, a group rental captive, designed exclusively for the towing and recovery industry