Bermuda

SRS Contact:

David Sykes
Managing Director SRS Bermuda Ltd

Tel: 441 292 5939

Team Members:

David Sykes

Andrew Hupman

Announcements:

David Sykes to Join Strategic Risk Solutions

SRS Appoints Director of Bermuda Operations

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Bermuda is one of the world’s oldest captive domiciles, having established its captive legislation in 1978. At the end of 2014, Bermuda had 800 active captives making it the largest captive domicile worldwide.

Minimum Capital and Surplus

Bermuda has three categories of captive insurance companies.

  • Class 1: Single parent captives
  • Class 2: Group captives
  • Class 3: Captives with more than 20% third party business
Class 1 Class 2 Class 3
Minimum $120,000 $250,000 $1,000,000
Premium Test
NWP < $6M
NWP > $6M
20%
10%
20%
10%
20%
15%
Loss Test
Loss and Loss Expense
10% 10% 15%

Key Features of Legislation

Bermuda is unique in taking a formula approach to capital and surplus requirements. There are no premium taxes charged. Annual licensing fees are charged based on capitalization level.

Specialty

Bermuda’s strength lies in its experience and reputation as the largest captive domicile. It has a broad range of captive types and parent industries represented. Bermuda is home to some of the world’s largest captives. A key advantage of Bermuda is the presence of a leading reinsurance market supporting the captive industry.

SRS Presence

SRS has been managing captives in Bermuda for over ten years. We have an established captive management operation in this mature domicile.