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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.
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.
Incorporation begins with the reservation of the proposed name.
To continue reading full articles in PDF format:
Setting Up A Bermuda (Class 2) Captive Insurer