Ocorian has reported a significant increase in the number of captives it supports with its Bermuda offices. The firm's insurance specialists now support over 137 Bermuda-registered captive insurance companies, as well as 93 commercial and special purpose insurers.
Growth in the captives market in general is being fuelled by a hard insurance market and rising premiums.
Sherman Taylor, head of capital markets, Bermuda, Ocorian said: “A well-run captive can be an effective risk management tool, reducing group insurance costs for the captive owner.
“However, the commercial rationale for incorporating and establishing a captive extends beyond profit considerations, and the current insurance hard market cycle has created new industry buzz about captives.
“The ability to influence pricing is a key benefit of owning a captive. Large rate increases were evident in the latest round of insurance renewals, and it is unlikely that rates will come down in the near future as insurance and reinsurance companies are still dealing with the impact of major loss events spanning the past four years. It is highly anticipated that pandemic losses will exacerbate the situation and drive even more interest in captives.”
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