Highlights of Bermuda's Captive Insurance Domicile

Bermuda is widely recognized as the world’s leading captive insurance domicile, with a long history of regulatory excellence and innovation. The Bermuda Monetary Authority (BMA) oversees one of the most respected frameworks in the global insurance market.

• Year captive legislation was passed: 1978
• Total number of captives as of year-end 2024: 607
• Total new captives in 2024: 13
• Types of captives allowed include single parent, association, group, protected cell/segregated portfolio companies, and special purpose financial captives.
• Licensing speed typically ranges from 2–4 weeks.
• Initial licensing and incorporation fees: Class 1 – $2,250; Class 2 – $4,375; Class 3 – $17,800 (minimum, based on GWP).
• Annual fees mirror initial licensing costs, with no premium tax rate applied.
• Minimum capital requirements: $120,000 for Class 1; $250,000 for Class 2; $1,000,000 for Class 3.
• Primary legislation: Insurance Act 1978 and associated regulations.
• Regulator: Bermuda Monetary Authority (BMA).
• Captive Administrator: Marianne Suschak-Matvey – msmatvey@bma.bm | Tel: 441-295-5278 | Fax: 441-292-7471
• Regulatory Department Address: 43 Victoria St., Hamilton, HM 12, Bermuda.
• Website: https://www.bma.bm

Bermuda’s sophisticated legal and regulatory environment, combined with deep insurance expertise, continues to make it the domicile of choice for Fortune 500 companies, multinationals, and reinsurance groups seeking stability and credibility.