The Bermuda Monetary Authority (Authority or BMA) released the 2020 BMA Captive Report today. This report highlights the market results from the 2019 year-end statutory financial returns by general business captive insurers (i.e., Class 1, Class 2 and Class 3 insurers).
The report focuses on four key areas: business written, industry utilisation, balance sheet composition and profitability indicators. It also includes a narrative on emerging trends, namely, the Authority’s approach to supervision during the pandemic and COVID-19’s impact on captives, insurance industry cyber risk opportunities and cyber risk trends among captives, insurance industry climate change and sustainability opportunities and risks, as well as how captives are being utilised in response to climate change and sustainability.
