Captive International
www.captiveinternational.com NEWS
23
Bermuda welcomes 17 new captives
THE BERMUDA MONETARY AUTHORITY
(BMA) registered 17 new captives in 2017,
up from 13 new captives year on year.
This brings the total number of
active captive insurance licences
as of December 31 to 739. Captives
registered included 218 single-parent
captives (class 1), 267 multi-owner
captives (class 2), 239 captives
underwriting more than 20 percent
and less than 50 percent unrelated
business (class 3).
“The majority of the new captives
originated in the US but they also came
from Europe, Canada, Australia and Latin
America,” said Jeremy Cox, BMA CEO.
“Latin America and Canada have
both benefited from the business
development efforts of the Bermuda
Business Development Agency
(BDA) and we have accordingly seen
heightened interest from those regions.”
Captives in 2017 covered a
diverse range of risks, according
to the BMA, and class 1 captives
experienced significant growth year
on year. The class 1s covered Canadian
conglomerates writing general liability
and workers’ compensation, to US
healthcare captives insuring nursing
homes and medical stop loss cover for
employees.
Bermuda captives’ net premiums
written amounted to $54.7 billion,
compared with $55.3 billion year on year.
“The BMA takes the role of gatekeeper
to Bermuda’s re/insurance market
very seriously and every application
undergoes intense scrutiny. As
Law firm Carey Olsen enters Bermuda market
BERMUDIAN ATTORNEY and managing
litigation, including insolvency
partner Michael Hanson in association
and restructuring and general
with offshore firm Carey Olsen
commercial litigation. In addition, he
has established a new practice in
has particular expertise in high-value
Bermuda.
trust litigation and court-approved
Hanson’s practice is centred
trust restructurings, often with a
on Bermuda’s human capital and
multijurisdictional element.
regulatory law, where he advises a
Dispute resolution and insolvency
number of Bermuda re/insurers. He
practitioner Henry Tucker has joined
also acts for international businesses
Carey Olsen Bermuda as counsel. His
with offices in Bermuda, including
practice covers all aspects of offshore
banks, accountancy firms and hedge
commercial litigation with a specific
funds.
focus on arbitration, enforcement and
He is joined by partner Keith
insolvency issues. He also provides
Robinson, who has over 20 years
non-contentious advice on unique
of experience in commercial
transaction structures and matters
istockphoto / wwing
involving cross-border enforcement
and regulatory risk.
“Bermuda is known by many as the
world’s insurance capital, with a world-class
insurance and reinsurance market
and a robust, resilient and highly regarded
regulatory regime,” said Hanson.
“In addition, however, Bermuda is
also recognised as a leading offshore
finance centre and is home to a wealth
of world-class financial businesses
and professionals.
“I’m delighted to be opening Carey
Olsen Bermuda and, in doing so, adding
a new player in the provision of legal
services in Bermuda.” l
“It is our job to ensure
that Bermuda’s
outstanding reputation
as a financial services
centre remains intact.”
Jeremy Cox, BMA
supervisor, it is our job to ensure that
Bermuda’s outstanding reputation as
a financial services centre remains
intact,” Cox continued.
“Bermuda remains the world’s leader
for captive formations, it’s not about
the number of captives on the Bermuda
register; it’s about the quality of the
business being conducted here. That’s
the Bermuda brand and the BMA will
continue to apply the regulation needed
to protect it.” l