domicile
In Bermuda, a captive is incorporated under company law and then registered as an insurer by the Bermuda Monetary Authority (BMA) under the Insurance Act 1978. The BMA class it receives depends on ownership and how much of its business is related.
International domicile; insurers are registered and supervised by the Bermuda Monetary Authority (BMA).
10 active providers
How are these providers ranked?Bermuda supervises insurers through the Bermuda Monetary Authority (BMA) under the Insurance Act 1978. Forming a captive involves two separate steps: incorporating the company under the Companies Act 1981, and registering it with the BMA in an insurer class.
The BMA registers general business insurers in classes from Class 1 to Class 4, with separate long-term classes. The classes most often discussed for captives are:
Classes 3A, 3B and 4 are designed for commercial insurers and reinsurers, and their requirements are not interchangeable with captive classes. Confirm the class against the current BMA criteria for your actual business plan.
Incorporation creates the company; registration under the Insurance Act authorizes it to carry on insurance business. The BMA decides whether to register the company as an insurer and in which class.
A registered insurer must appoint a principal representative in Bermuda and an auditor approved by the BMA, and certain general business insurers also need a loss reserve specialist's opinion. A Bermuda captive manager typically coordinates these appointments and the regular filings. Obligations differ by class, so confirm the filings, solvency rules and reporting that apply to yours.
Bermuda's segregated accounts company legislation allows one company to keep separate accounts whose assets and liabilities are segregated from each other. These structures are used for rent-a-captive and cell-style arrangements; the legal effect depends on the documentation.
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Each card shows how that provider relates to Bermuda — headquartered here, an office here, or serving the domicile.
Global financial services company providing insurance, reinsurance, employee benefits, risk management, cybersecurity, payroll, real estate services, and captive and alternative risk solutions. Acrisure Re Capital and Captives provides captive program design, formation, ongoing management, governance and reinsurance support.
Artex Risk Solutions is an alternative risk and insurance management business operating under the Arthur J. Gallagher & Co. group. It provides captive feasibility, formation and ongoing management; single-parent, group and cell captive solutions; actuarial and risk advisory services; reinsurance and claims-management support; capital-markets administration; and legacy and run-off solutions.
Chubb is a global insurance group providing commercial and personal property and casualty insurance, accident and health insurance, life insurance and reinsurance. Its captive capabilities include fronting, reinsurance, captive management, feasibility studies, claims services and structured alternative-risk solutions.
GPW and Associates, Inc. provides captive and reinsurance management, captive consulting, accounting, tax compliance and regulatory management. Its wholly owned subsidiary, GPW Actuarial Services, Inc., provides actuarial pricing, reserving, benchmarking and product-development services.
Liberty Mutual Insurance is a global property and casualty insurance group providing personal, commercial and specialty insurance, reinsurance, surety, captive management, captive fronting, alternative-risk solutions and third-party claims administration.
Independent, employee-owned property and casualty actuarial and management consulting firm providing actuarial, risk financing, enterprise risk management, predictive analytics, reinsurance, regulatory, and alternative market consulting services.
Risk Services, LLC is a full-service captive insurance manager providing formation, licensing, accounting, financial reporting, regulatory compliance, underwriting, policyholder administration, reinsurance intermediary and fronting support services.
Marsh Captive Solutions provides captive consulting, actuarial, formation, management, technology, benchmarking, cell-facility and optimization services across the captive lifecycle.
Davies Captive Management provides captive feasibility, formation, ongoing management, regulatory compliance, reinsurance support, rent-a-captive administration, run-off and exit services to captive owners, commercial insurers and reinsurers.
American International Group (AIG) is a global insurance organization providing property-casualty, life, and health insurance and other financial services to businesses and individuals in more than 200 countries and jurisdictions. Through its Captive Solutions business, AIG offers fronting and captive management services, including group captives and sponsored protected cell facilities domiciled in Vermont and Bermuda.