It’s an exciting time in Bermuda’s captive insurance market.

The Island is finally enjoying growth after the Great Recession and seeing improved prospects from previously untapped markets.

Last month Bermuda presented the Latin American Association on Risk Management and Insurance (ALARYS) Conference for the third time, the only non-Latin American country to be invited to host it in its 20-year history. This summer the Island also hosted the Bermuda Captive Conference for over 800 professionals, an attendance increase of 10% on 2015.

And the Bermuda Monetary Authority announced a 38% increase in the number of new captives compared to the prior year.

So what’s happening?

The traditional main sources of business have always been North America and Europe, but there’s a great deal of interest now coming from Latin America – countries such as Mexico, Columbia and Chile. This new wave is reflected in Bermuda hosting ALARYS this year.

But there is also expected to be serious growth from Asia. Bermuda has successfully gained Solvency II equivalence from the EU, is highly regarded and seen to be well regulated.

In the PRC, Chinese state-owned enterprises are embracing captives as a solution to the challenges they face after expanding rapidly internationally.

New business is also expected to come from the Middle East and Africa as maturing corporations grow and seek ever more sophisticated ways to manage their risk.

And established major markets such as the US are also seeing increases in new captive formations in states such as Delaware, Tennessee and the Carolinas.

Plus there has been expansion into new areas such as cyber risk.

Exciting times indeed.

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