Bermuda Remains Leading Captive Insurance Domicile
by Mike Godfrey, Lowtax.net, Washington
16 February, 2017
Bermuda remains the world leader in the captive insurance industry based on statistics covering 2016 recently released by the Bermuda Monetary Authority.
Year-end figures from the island's financial services regulator show that Bermuda had 776 active captives licensed on its register, in line with 2015 levels.
Last year, a total of 13 new captives registered in Bermuda, the majority of which originated from the US. However, two new captives were from the emerging markets of South and Central America.
Craig Swan, Managing Director - Supervision, 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."
Ross Webber, CEO of the Bermuda Business Development Agency, which promotes the island's financial services sector, commented: "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."
"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.
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