Conyers Dill & Pearman

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Bermuda insurance companies

This memorandum has been prepared for the assistance of those who are considering the formation of an insurance or reinsurance company in Bermuda. Bermuda is currently in the process of phasing in a number of new regulations designed to bolster its regulatory and supervisory framework, particularly as it relates to its commercial insurers.

Bermudaʹs insurance ʺindustryʺ began in 1947 when the founder of the American International Group (C.V. Starr) based the group’s international business in Bermuda. In the 1960s, Bermuda became a pioneering domicile for “captive” insurance companies and is now the world’s second largest domicile for captive companies, after the United States. Alongside the “captive industry”, Bermuda has also attracted a large number of general business and long‐term commercial insurers which write a wide range of insurance and reinsurance products.

Recognising that a system of regulation is essential to maintain a healthy insurance industry, the public and private sectors worked together to produce the Insurance Act 1978. Since that time the laws and regulations pertaining to Bermuda’s insurance industry have been regularly amended to recognize the diverse range of underwriting activities conducted by Bermuda insurers and reinsurers. With the aim of attaining Solvency II equivalency, Bermuda is currently in the process of phasing in a number of new regulations designed to bolster its regulatory and supervisory framework, particularly as it relates to its commercial insurers. Full implementation of these new regulations is not expected to be completed before the 2015 financial year‐end filings are due…

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