Hamilton
13 February 2017
Reporter: Becky Butcher

Bermuda’s licenses 13 new insurers


Bermuda welcomed 13 new captives in 2016, with the majority coming from the US.

Of the 13 licensed by the Bermuda Monetary Authority, two captives come from the emerging markets of South and Central America.

As of 31 December, Bermuda was home to 776 active captives.

Craig Swan, managing director, supervision at the Bermuda Monetary Authority, said: “The authority continues to ensure that Bermuda’s captive sector—which has made significant contributions to Bermuda’s economy for well over 50 years—remains appropriately regulated.”

“The global companies that operate captives from Bermuda expect top quality regulatory standards. As such, the authority ensures that its supervisory framework for captives, has remained aligned with the insurance core principles of the International Association of Insurance Supervisors.”

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