Business Services Industry
Hardening market may boost Bermuda captives.(spotlight on captive insurance companies)
Business Insurance, March, 2006
Byline: RUPAL PAREKH HAMILTON, Bermuda-The world's largest captive domicile saw captive numbers dip in 2005 as a result of softening commercial rates and competition from other domiciles. Although commercial property insurance rates surged in several areas after last year's string of hurricanes in the United States, the effect of market hardening is just beginning to result in captive formations.
Still, with the hardening commercial market, Bermuda captive managers foresee a buoyant year in 2006. While captive companies still represent the majority of insurers licensed in Bermuda-approximately 70% of active insurers are captives-numbers of new captives have trended slightly downward over the past several years. Based on data from the Bermuda Monetary...
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