The latest figures from the Bermuda Monetary Authority (BMA) indicate that the domicile added 16 new captives in 2023.
There was a total of 18 captive formations in Bermuda in 2022, which took the total number of captives in the domicile to 625 at year-end.
Bermuda has not yet published how many captives are active in the jurisdiction at the end of 2023.
Of the 16 new captives licensed in 2023, seven were Class I insurers. Class I insurers are single-parent captives that only write risk for the parent company.
The new Class I captives include: HFCI, Light Speed Insurance Corporation, UHS Assurance Company, Apex Captive, GBT Insurance Company Bermuda, Mackinlay Insurance and Energy Underwriting.
There were six new Class II insurers licensed in 2023, compared to seven licenced in 2022. Class II insurers are captives that have multiple owners and only write risk for those owners.
The new class II captives include Aspis Insurance Company, Seven30 Insurance (Bermuda) Co., Eaglemark Insurance Company, Resilience Cyber Reinsurance Solutions, Crescent Insurance, and Gearbulk Captive.
There were three Class III insurers, which are also typically captives, registered in the jurisdiction in 2023, compared to two in 2022.
These include Inver Re (Bermuda) SAC, Atwater and Gunnersbury Re SAC.