Business Services Industry
Captive formations slow in world's largest domicile; Competition from other domiciles, affordable traditional coverage cited.(Spotlight)
Business Insurance, March, 2005 by Bradford, Michael
Byline: MICHAEL BRADFORD HAMILTON, Bermuda-The largest captive domicile in the world is not-when it comes to new formations-the busiest. Captive insurance company formations in Bermuda are little changed from a year ago, and there is not much to indicate that a boom is coming any time soon.
Competition from other domiciles is a big reason activity in the world's largest captive center has slowed, along with a traditional market that continues to offer affordable coverage in many lines. The number of captives that call Bermuda home has leveled off in recent years. Business Insurance estimates the count at around 1,150, unchanged from 2003, based on figures provided by the Bermuda Monetary Authority. Of the 77 insurer incorporations in Bermuda last year,...
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