Bermuda registered 64 new re/insurers in 2015, on par with 65 registrations in 2014.
This is according to the Bermuda Monetary Authority (BMA), which added that of the new companies 22 are limited purpose insurers or captives. This compares with the registration of 16 captives in 2014.
In terms of new commercial general business re/insurers, the BMA registered 13 new Class 3A, 3B and 4 re/insurers in 2015, compared with 11 in 2014.
Among the registrants is a new Class 4 insurer, Qatar Reinsurance Company. Qatar Re was given the green light to transfer its seat of incorporation from the Qatar Financial Centre to Bermuda in December last year.
Additionally, on the long-term (life) re/insurance side, nine new Class C, D and E commercial life re/insurers were registered, the same number as in 2014.
A total of 20 new special purpose insurers (SPIs) were registered during 2015, down from 28 registrations in 2014.
Shelby Weldon, director, licensing and authorisations at the BMA, said: “Registration of captives is on the increase because they not only reduce insurance costs but are important components of the parent companies’ burgeoning risk management programmes.”
“Captives registered between July and December 2015 cover a diverse range of risks, from oil and natural gas drilling in Canada to drivers’ insurance in Peru.
“It is encouraging to see continuing registrations from Canada and Latin America, as these regions have been targeted by Bermuda’s business development efforts. However, the US remained by far the greatest source of Bermuda’s captive formations during the second half of 2015.”
Bermuda Monetary Authority, Shelby Weldon, Bermuda