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16th of May 2012

Bermuda’s premium drops $11bn

Vicky Beckett 22/02/2012

Bermudian captives wrote a total of $21.4bn in gross premiums across 2011, compared to $32.7bn in 2010.
 
Shelby Weldon, director of insurance, licensing and authorisation at the Bermuda Monetary Authority, said: “This change can be attributed to a combination of the Authority’s continuing reclassification of a number of companies to more accurately reflect their risk-profiles, as well as a decrease in premiums written by particular firms within the sector.
 
“2011 was certainly a challenging year, which was reflected in the year-end results of some firms. However, Bermuda’s insurers are successfully addressing global market conditions,” said Weldon.  
 
There were a total of 862 captives registered in Bermuda at the end 2011, up from 845 in 2010.
 
Weldon cited Bermuda’s commitment to achieving equivalence with relevant standards globally as being attractive to “quality businesses that see the benefits of being based in a practical, first league regulatory environment that is well-regarded in key international markets”.

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Andrew Barile 22/02/2012 1:23pm

Competition continue to grow from new and competiing domiciles/costs of doing business Regards
Andrew Barile Director Captive Insurance Companies

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