public
Offshore
Bermuda
Bermuda is a global authority in the captive market, reaching full Solvency II equivalence in 2016 following oversight by the Bermuda Monetary Authority (BMA). Captives benefit from a robust market that provides open-market underwriting capacity not easily found elsewhere. As a reciprocal jurisdiction under the NAIC, Bermuda-based insurers can operate in the US without additional capital requirements.
Quick Facts
Jurisdiction
Offshore
Legislation
BMA Risk-Based Framework
Tax Environment
Tax-competitive environment
Financial Requirements
Minimum Capital & Surplus
| Structure Type | Minimum Capital |
|---|---|
| Class 1 / Class A | $120,000 floor |
| Class 2 / Class B | $250,000 floor |
| Class 3 | $1,000,000 floor |
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Regulatory Framework
BMA Risk-Based Framework
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Tax Environment
Tax-competitive environment
Detailed Profile
Regulatory & Statistical Profile
bar_chart Captive Market Volume
Reporting Year
2025
Total Active Captives
610
New Captives Licensed
9
Surrendered Licenses
31
pie_chart Structure Distribution
Pure / Single Parent
406
Group / Association
57
Sponsored / Cell Captives
51
Individual Segregated Cells
2000 (estimated) as of 2024
Other Allowed Types
96
checklist Authorized Captive Structures
Single parent captivesAssociation captivesGroup captivesProtected cell/segregated portfolio companiesSpecial purpose captivesSpecial purpose financial captives
payments Fees & Solvency Compliance
Year Legislation Passed
1978
Licensing Speed
2-4 weeks
Premium Tax Rate
None.
Incorporation / Initial Fee
Class 1: $2,250; Class 2: $4,375; Class 3: $17,800 minimum - based on GWP
Annual Maintenance Fee
Class 1: $2,250; Class 2: $4,375; Class 3: $17,800 minimum - based on GWP
Annual Filing Requirements
Meeting required anywhere offshore.
gavel Regulatory Contact Office
Office Address
43 Victoria St., Hamilton, HM 12
Regulatory Department Staff
10-15 FTEs
Considering Bermuda for Your Captive?
Our consultants provide end-to-end guidance on domicile selection, feasibility, and formation. Let us help you determine if Bermuda is the right fit.