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ARTICLE · 11 JULY 2022

Riding The Wave

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In addition, the BMA admitted more companies offering innovative products or operating under innovative, non-traditional structures to its insurtech regulatory regime in 2021.

BermudaInsurance
Matthew Carr
Matthew Carr
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As the global insurance market observes an increase in captive formations owing to rising commercial rates, the archipelago of Bermuda — a cluster of islands connected by bridges to form one land mass — is no exception. From having formed the first modern captive in 1962, Bermuda shows no signs of slowing down as a leading captive domicile.

Annual licensing statistics from the Bermuda Monetary Authority (BMA) report that the jurisdiction registered 78 new insurance entities in 2021, 17 of which were newly-licensed captives, while 27 of the entities were special purpose insurers (SPIs). Six of the newly-licensed SPIs were registered through the BMA's new three-day licensing and registration process, demonstrating that Bermuda's insurance sector continues to update and enhance regulatory practices.

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