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Setting Up A Bermuda (Class 1) Captive Insurer

Conyers consistently incorporates more new insurance companies than all other law firms in Bermuda combined. With many years of experience, you can trust in our legal team to ensure that every step in the process of incorporating, organising and licensing a captive is handled as quickly and smoothly as possible.

Usually, the whole process takes no more than three to four weeks. However, where an application is urgent, the time frame may be condensed. It has been our experience that the regulator co-operates as much as possible to meet deadlines.

What is a Bermuda Class 1 Insurer?

A company may be licensed as a Class 1 insurer if it is wholly owned by one person and intends to carry on insurance business consisting only of insuring the risks of that person or its affiliates. Such insurers are often referred to as “pure captives” and are subject to the least onerous regulatory oversight of all the classes of general business insurer.

Our Services

Reservation of a name

Incorporation begins with the reservation of the proposed name.

  • You should propose at least two alternative names, as a name similar to an existing Bermuda company’s name will not be reserved.
  • Conyers Corporate Services will submit the application to reserve the name.
  • The process generally takes a day.

 

To continue reading full articles in PDF format:
Setting Up A Bermuda (Class 1) Captive Insurer

 


Charles G.R. Collis
Director, Head of Bermuda Insurance Practice

Bermuda   +1 441 299 4918


Chris Garrod
Director, Head of Fintech

Bermuda   +1 441 299 4923


Michael Frith
Director

Bermuda   +1 441 278 7969


Sophia Greaves
Director

Bermuda   +1 441 294 5929


Accolades
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"Few firms can come close to Conyers on one critical metric, and this is the breadth of the client base."
- IFLR1000