HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) released the 2021 BMA Captive Report. This report highlights the market results from the 2020 year-end statutory financial returns submitted through the E-SFR system with a focus on the general business captive insurers (i.e., Class 1, Class 2 and Class 3 insurers).
The report focuses on four key areas: business written, industry utilisation, balance sheet composition and profitability indicators, which highlight the Bermuda captive market’s continued relevance and stability, particularly in navigating uncertainty through impactful events and emerging risks. For example, there was an over 42% increase in cyber risk premium written compared to the prior year and a noted increase in the number of companies that are implementing measures to embed climate risk into key decision-making processes.
