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Bermuda captive insurer numbers down in 2016

Posted On: Feb. 13, 2017 2:25 PM CST

Bermuda had a total of 776 active captive insurer licenses at the end of 2016, a decline from the 797 reported in 2015, the Bermuda Monetary Authority said Monday.

Bermuda added 13 new captives, mostly from the United States, although two new captives originated from emerging markets Chile and Mexico, according to the Bermuda Monetary Authority. 

Two captives redomesticated from Bermuda to Tennessee, per Tennessee regulators. 

“Bermuda captives wrote $55.3 billion at latest count, which more than quadruples posted premiums in the closest competing domiciles,” Jereme Ramsay, business development manager for the Bermuda Business Development Agency in Hamilton, Bermuda, said in a statement.

“The market has seen numerous mergers, acquisitions and consolidations, in which corporations have taken cost-cutting steps to integrate multiple captives into single vehicles — a trend affecting all markets,” Ross Webber, CEO of the agency, said in the statement.