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Setting Up A Bermuda (Class 2) 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 2 Insurer?

A company may be licensed as a Class 2 insurer if it is owned by two or more unrelated persons and intends to carry on insurance business at least 80% of which consists of insuring the risks of those persons and their affiliates. A Class 2 insurer may also write business which is not a risk of the owners or their affiliates, but which nonetheless arises out of their business or operations (in the opinion of the Bermuda Monetary Authority). Up to 20% of the business may be written as third party risks.

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 2) 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

Bermuda   +1 441 278 7969

Sophia Greaves

Bermuda   +1 441 294 5929


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