BMA Data Shows Slight Slow-Down In Bermuda Insurance Incorporations

by Amanda Banks, Tax-News.com, London

07 July 2004

Data released by the Insurance Division of the Bermuda Monetary Authority has revealed something of a slow-down in the number of insurance incorporations in the jurisdiction for the first six months of 2004.

According to the figures, there were nine fewer incorporations in the first half of this year compared to the same period last year, although there were an equal number of new companies formed in June 2004 when compared with June 2003, at seven.

Of these seven incorporations, four were classified as class one insurers, or single parent captives, with a minimum capital and surplus requirement of $120,000.

The figures also indicate a marked slow-down in the number of larger class four insurers since a busy period for incorporations in 2001 and 2002. Only one class four firm incorporated in 2003, and there have been none since June of that year.

In total, there have been 34 new incorporations in Bermuda in the first six months of 2004, compared to 43 for the corresponding period in 2003.

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