Bermuda has seen a steady increase in new captives being formed
as well as new structures, risks and geographies being covered. Matthew Carr of Appleby examines the most
common questions the law firm receives relating to the Island.
Captives are an important part of the wider Bermuda re/insurance
market, with over $24 billion in gross premiums written in 2020,
according to Bermuda Monetary Authority's (BMA) "Captive
Report 2021". Much of this risk was assumed from North
America. However, a growing number of Bermuda captives are writing
international risks from outside this region, including from the
Caribbean, Asia-Pacific and Latin America.
New captives opt to incorporate and license in Bermuda over
other jurisdictions, and there were 18 new registrants in 2022. In
addition to a steady flow of new registrants, Bermuda has also seen
an increase of activity in existing captive structures which are
leveraging existing captives for a number of expanded uses.
