SOUTHAMPTON, Bermuda—Bermuda captives' gross written premiums declined slightly in 2009 to the lowest level since 2004, according to preliminary results of the 2009 Captive Market Survey conducted by the Bermuda Monetary Authority in conjunction with the Bermuda Insurance Management Assn.

According to provisional results, Bermuda captives wrote $18.8 billion in gross premiums last year, down 4.6% from the $19.7 billion they wrote in 2008.

The results, the fourth annual survey administered by the two organizations, have data on more than half the Bermuda captive insurance market, said Traver Alexander, research officer at the BMA, who presented the preliminary findings at the Bermuda Captive Conference in June.

Survey findings include data from 2003 to 2009. Bermuda captives wrote $19.4 billion in gross premium in 2007, $21.5 billion in 2006, $19.4 billion in 2005, $16.7 billion in 2004 and $15.2 billion in 2003.

North American risks represent the lion's share of Bermuda captives' premiums—71.6%. Global exposures were responsible for 13.9% of gross written premium, according to this year's survey. European risks represented 7%, and exposures in South America and the Caribbean were responsible for 4.2%. The remainder included risks in Asia, 1.6%; risks in Africa and the Middle East, 1.4%; and exposures in Australia and New Zealand, 0.3%.

The survey showed a rapid rate of premium growth associated with risks in South America and the Caribbean—107%—since 2003. During the same period, premiums in Bermuda-domiciled captives for North American risks grew 26%; for global risks, 23%; and for European risks, 3%.

Bermuda captive premiums for Asian risks dropped 7% since 2003, premiums associated with Australian and New Zealand risks dropped 10%, and those for risks in Africa and the Middle East declined 25%, according to the survey.

For the first time, the BMA this year collected information on the industries of Bermuda captives' parent companies. Sectors most widely represented among Bermuda captives were health care at 12%; manufacturing at 9%; financial institutions at 9%; and energy, business services and retail, each at 6%.

Other industry sectors represented among Bermuda captives included transportation, construction and automotive, at 5% each. Mining, metals and forestry, real estate, aviation and aerospace, and chemicals represented 3% each; while technology and telecom companies are parents to 2% of Bermuda captives. Power companies and utilities, hospitality and gaming, sciences and public-sector institutions each represented 1% of Bermuda captives, with all other sectors making up the remaining 19%.

Among new captives formed in Bermuda between 2005 and 2009, the survey found that 12% of startups were formed by construction companies, 12% by energy companies, 12% by financial institutions, 10% by the health care industry, and 6% each by automotive industry and real estate companies.

Manufacturing, technology and telecom and transportation companies each accounted for 4% of Bermuda captive startups during the period; with aviation and aerospace, business services, power and utilities, retail and sciences responsible for 2% each. All other sectors accounted for the remaining 22% of Bermuda captive startups from 2005 to 2009.

In terms of premium share, captives of energy industry parents represented 22% of Bermuda captives' total premiums in 2009; technology and telecom represented 10%; and retail, health care and transportation companies' captives each represented 7%. Captives owned by manufacturing companies represented 6% of Bermuda captive premiums last year.

Aviation and aerospace, financial institutions, construction and business services each represented a 4% share of Bermuda captive premiums in 2009, while automotive accounted for 3%. Hospitality and gaming represented 1%, as did mining, metals and forestry, chemicals and real estate. Power and utilities, sciences and public-sector institutions each accounted for less than 1% of Bermuda captives' total premiums last year, with all other sectors making up the remaining 18%.

The survey showed property lines of business represented roughly 36% of Bermuda captives' premiums in 2009, with casualty lines representing approximately 63%, Mr. Alexander said.

Bermuda captives had $90.2 billion in assets in 2009, according to the survey, up nearly 2.2% from $88.3 billion in 2008.

Full results and analysis of the annual captive market survey will be published at www.bma.bm by late summer, Mr. Alexander said.