• Delicious




Bermudian Insurance Incorporations Drop In 2004

by Amanda Banks, Tax-News.com, London

27 January 2005

Bermuda saw a slight dip in the number of insurance firms incorporating in the jurisdiction in 2004 compared to the previous years, figures quoted by the Royal Gazette have shown.

According to the Gazette, the number of licences issued to insurers in 2007 fell to 77, down from 89 in 2003, with just one class 4 licence issued last year (firms with a minimum $100 million in capital), to CIG Reinsurance Ltd.

For class one incorporations, classified as single parent captives, 28 licences were issued in 2004, compared to 33 in 2003, while class two licences (multi-owner captives) saw little change as 12 incorporations took place last year, compared to 11 in 2003.

However, there was an increase in the number of new class three licences (firms which do not fall into the above categories), from 24 in 2003, to 33 in 2004.

A comprehensive report in our Intelligence Report series examining offshore insurance is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp

 

 






Write a comment