Bermuda captive formations inch up
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Bermuda saw a slight increase in captive insurer formations in 2018, but the world’s largest captive domicile continued to see a downward trend in the total number of captives registered on the island.
The domicile registered 19 new captives in 2018, compared with 17 new formations in 2017, the Bermuda Monetary Authority said in a statement Wednesday.
“The majority of the new captives originated from the U.S., but they also came from Europe, Canada, Latin America and Africa,” said Craig Swan, managing director, supervision (insurance) at the BMA, in the statement. “The new captives covered a diverse range of company structure, including pure captives, association captives and long-term captives,” he added.
The total number of captives managed in Bermuda slipped to 711 in 2018 compared with 739 in 2017 and 776 in 2016, as more captives closed or left the domicile than new captives formed.
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