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Bermuda's Insurance Sector Boosted By 94 In 2002, BMA Reveals

by Mike Godfrey, Tax-News.com, Washington

14 January 2003

The Bermuda Monetary Authority announced last week that 94 new insurance companies were established in Bermuda last year, bringing the total established in the jurisdiction since the September 11 terrorist attacks to 151.

According to a Bermuda Sun report, this figure is slightly lower than that for 2001, during which 108 such companies were incorporated. The newspaper went on to reveal that:

'Of these, 11 are either now big players or set to become players in the world's insurance and reinsurance markets. They are classified as Class 4 insurers - which have to have capital of at least $100 million and are usually large property catastrophe and excess liability carriers.'

The BMA figures revealed that in 2002, 52 of the 94 insurers which incorporated in Bermuda were captives, which are owned or established by a specific parent company to insure its loss exposures.

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