Slow-down in Bermuda insurance incorporations
Friday, July 9, 2004
HAMILTON, Bermuda: Data released by the
Insurance Division of the Bermuda Monetary Authority has revealed something of
a slow-down in the number of insurance incorporations in the jurisdiction for
the first six months of 2004.
According to a report by Tax-News, there
were nine fewer incorporations in the first half of this year compared to the
same period last year, although there were an equal number of new companies
formed in June 2004 when compared with June 2003, at seven.
Of these seven incorporations, four were
classified as class one insurers, or single parent captives, with a minimum
capital and surplus requirement of $120,000.
The figures also indicate a marked slow-down
in the number of larger class four insurers since a busy period for
incorporations in 2001 and 2002. Only one class four firm incorporated in
2003, and there have been none since June of that year.
In total, there have been 34 new
incorporations in Bermuda in the first six months of 2004, compared to 43 for
the corresponding period in 2003.
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