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Bermuda captive licenses decline in 2017

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Bermuda had a total of 739 active captive insurer licenses at the end of 2017, a decline of 37 from the previous year.

Seventeen new captives were registered in 2017 compared with 13 in 2016 in the domicile, according to data released Wednesday by the Bermuda Monetary Authority.

“The majority of the new captives originated in the U.S., but they also came from Europe, Canada, Australia and Latin America,” Jeremy Cox, CEO of the authority, said in the statement.

The new captives cover a range of risks from Canadian conglomerates writing general liability and workers compensation to U.S. health care captives insuring nursing homes and medical stop loss cover for employees, according to the authority.

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

“Bermuda remains the world’s leader for captive formations,” Mr. Cox said in the statement. “It’s not about the number of captives on the Bermuda register. It’s about the quality of the business being conducted here.”

Net premiums written by Bermuda’s captives totaled $54.7 billion in 2017 compared with $55.3 billion in 2016.