The Bermuda Monetary Authority (BMA) has reported that a total of 69 new re/insurance entities were registered in 2019, representing a modest slowdown from the previous year.
In 2018, Bermuda recorded 75 new re/insurance registrations, but in 2017 the number was slightly lower at 58 new registrations.
Last year, registrations consisted of 58 new re/insurers and 11 intermediaries, with 45 re/insurers underwriting general business exposure and 13 long-term business.
According to the BMA, captives and special purpose insurers (SPIs) accounted for over 70% of re/insurance registrations, while 15 commercial insurers were registered.
For comparison, 28 new commercial insurers were registered in 2018, and four intermediaries.
2019 also saw 22 new captives registered in 2019 versus 19 in 2018, with the total number of captives now standing at 715 and writing gross premiums of approximately $40 billion.
“The majority of the 2019 captives originated from the US but five also came from Canada,” said Craig Swan, Deputy CEO of the BMA.
“As well as North America, new registrations also came from Asia, Europe and Africa. Seven long-term captives registered during 2019, an increase year-on-year.”
The BMA noted that the new registration reinforce Bermuda’s significance as a major re/insurance hub, which comprises over 1,200 re/insurers holding total assets in excess of $800 billion and writing gross premium of approximately $150 billion.
