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16th of May 2012

Substantial captive growth reported globally

Vicky Beckett 18/01/2012

Bermuda, Guernsey and Vermont saw substantial growth in captives across 2011.
 
Vermont licensed 41 new captives, bringing the total to 952, with 590 active captives.
 
The new licensees include 30 single-parent captives, six risk retention groups, one industrial insured and one association.
 
The Bermuda Monetary Authority (BMA) reported a 50% increase in new insurance registrations, with 53 insurance entities.
 
23 of these were special purpose insurers (SPIs), compared to eight registering in 2010.
Guernsey has also seen a net total increase of 12 captives after licensing 72 new international insurers last year.
 
Shelby Weldon, BMA director of insurance, licensing and authorisation, commented: “The 2011 increase included the majority of classes in the Bermuda market, ranging from captives and special purpose insurers (SPIs), to insurers in the commercial sector.
 
 “These results were achieved as Bermuda continues with its progressive regulatory agenda and within the context of very challenging global market conditions in the insurance sector,” Weldon said.
 
David Provost, Vermont’s deputy commissioner of captive insurance, said: “One of the most exciting aspects of 2011 and a perennial key to our success is the high quality of companies that we are privileged to work with.
 
“We’re also seeing the State’s continued investment in staff helping us continue to provide outstanding customer service.  That’s very much a part of what keeps Vermont the Gold Standard.”

Tags: Bermuda, Bermuda Monetary Authority, Captive, David Provost, Group, Guernsey, Insurance, Retention, Risk, Shelby weldon, Special purpose vehicles, Vermont

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