Bermuda Remains 'World's Risk Capital'
by Mike Godfrey, Lowtax.net, Washington
01 March, 2018
Bermuda's insurance industry has recorded another strong year with an increase in company registrations across multiple sectors, according to the Bermuda Business Development Agency (BDA), which promotes the island's financial services and insurance sectors.
Figures from the island's financial services regulator, the Bermuda Monetary Authority (BMA), show a total of 58 new insurers were registered in 2017, ranging from captives and long-term (re)insurers to special purpose insurers, compared with 42 last year, while risk sector companies were responsible for 61 new jobs, including 20 alone in the fast-expanding long-term (life and annuity) sector.
"The BMA figures reaffirm Bermuda's status as the 'world's risk capital' and also underscore the breadth of our risk-solutions market, as well as the innovation and expertise that distinguish the island as a center of excellence across each risk sector," said BDA CEO Ross Webber.
The BDA says that, despite challenging market conditions globally, including mergers and acquisitions activity and consolidations, Bermuda last year held its number-one position atop captive insurance domiciles, based on total licensed captives. Some 739 active captive licenses were on the BMA register at year-end, including 17 new entities –compared with 13 in 2016 – and Bermuda captives wrote USD54.7bn in net premiums.
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