Bermuda

 
Total number of active captives
Sign in to see more data
Gross written premium for all captives
Sign in to see more data
Total number of active captives, prior year
739
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Protected cell/segregated portfolio companies
  • Special purpose captives
  • Special purpose financial captives
Premium tax rate
Sign in to see more data
Minimum capital (broken out by type of captive)

The minimum capital requirement is based upon the higher product of a set of formulas calculated as factors of premium volume and policyholder obligations (i.e. total (re)insurance reserves), subject to respective floors. The floor for Class 1 (single-parent insuring only risks of parent and affiliates) is $120,000; the floor for Class 2 (a multi-owner captive insuring the risks of its owners or affiliates of the owners; or a single parent or multi-owner captive: (i) insuring the risks arising out of the business or operations of the owners or affiliates, and/or (ii) deriving up to 20.0% of its net premiums from unrelated risks) is $250,000; the floor for Class 3 (captive insurers underwriting more than 20.0% and less than 50.0% unrelated business) is $1 million.

Applicable Acts/Enabling Legislation
The primary legislation relating to insurance business is the Insurance Act 1978, as amended, and related regulations.
Captive Administrator’s name and longevity in position and also within department
Sign in to see more data
Regulator
Sign in to see more data
Address and contact information of Regulatory Department
Sign in to see more data
Website Address
https://www.bma.bm