HAMILTON, BERMUDA – As of 31 December 2020, captive insurer gross premiums written held firm at approximately $40 billion, highlighting the Bermuda captive insurance market’s continued unrivalled global significance.
Craig Swan, Deputy CEO of the Bermuda Monetary Authority (Authority or BMA) said, “Bermuda’s total (re)insurance market, is comprised of over 1,200 (re)insurers holding total assets in excess of $980 billion and writing gross premium of approximately $240 billion.”
Bermuda had a total of 680 captive insurers (i.e. classes 1, 2, 3, A and B) as of 31 December 2020. This was down marginally from 2019, primarily arising from amalgamations and deregistrations of dormant captive insurers.