Bermuda, which is a major insurance and reinsurance centre, is renowned as the preferred domicile for about half of the world’s captive insurance and non-captive property and casualty reinsurance companies. Bermuda has developed excellent communications and infrastructure, service capabilities and a wealth of expertise, making it an ideal domicile for alternative market and captive facilities. Bermuda’s insurance industry is stronger than ever with many catastrophe reinsurance companies, some of which have proven their resources by being able to withstand enormous claims resulting from the terrorist attacks in New York in September 2001, and several of which have been incorporated since that date to provide extra capacity. Despite significant competition from other captive domiciles, both onshore and offshore, Bermuda has lead the way in new insurance company formations. Although the risks written or assumed by Bermuda’s insurers continue to be dominated by the property and general casualty classes, there are a number of companies writing specialised product, professional and marine/aviation risks. All insurance companies are required to either be incorporated under the laws of Bermuda or receive a permit to operate from Bermuda. In addition, these companies must be registered as insurers under the respective provisions of the Insurance Act, 1978.
Consolidated Insurance Managament Ltd.
Consolidated Insurance Management Ltd. (CIML), was incorporated in Bermuda in 1988 and offers independent administration and accountancy services to insurance company clients.
The range of services offered by CIML includes:
- arrangement of insurance feasibility studies
- company incorporation
- corporate administration
- maintenance of accounting and statutory records
- provision of Principal Representative
Insurance Companies in Bermuda
CIML does not provide “in-house” underwriting or actuarial services, but if required to be performed from within Bermuda, such services are readily available on the island. CIML is able to provide a complete “package” to its insurance company clients, as it not only offers a full range of management services, but can supply the registered office, directors/officers, corporate administrative and company secretarial functions.