Bermuda
Overview
Bermuda established its captive legislation in 1978 and has successfully. At the end of 2007, Bermuda had approximately 900 active captives making it the largest captive domicile worldwide. Bermuda has three categories of captive insurance companies.
- Class 1: Single parent captives
- Class 2: Group captives
- Class 3: Captives with more than 20% third party business
Minimum Capital and Surplus
| |
|
Class 1 |
Class 2 |
Class 3 |
| |
Minimum |
$120,000 |
$250,000 |
$1,000,000 |
| |
Premium Test
NWP < $6M
NWP > $6M |
20%
10%
|
20%
10%
|
20%
15%
|
| |
Loss Test
Loss and Loss Expense |
10%
|
10%
|
15%
|
Key Features of Legislation
Bermuda is unique in taking a formula approach to capital and surplus requirements. There are no premium taxes charged. Annual licensing fees are charged based on capitalization level.
Specialty
Bermuda's strength lies in its experience and reputation as the largest captice domicile. It has a broad range of captive types and parent industries represented. Bermuda is home to some of the world's largest captives. A key advantage of Bermuda is the presence of a leading reinsurance market supporting the captive industry.
SRS Presence
SRS has been managing captives in Bermuda for over ten years. We have an established captive management operation in this mature domicile..
| SRS Contact |
|
|
Graham Lamb |
Director, SRS Bermuda Ltd |
441 292 5939 |
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