Bermuda was awarded best non-Asian captive domicile, at Captive Review’s Asia and Pacific (APAC) Virtual Awards and Summit 2021.

Bermuda was recently shortlisted alongside: Guernsey, Hawaii, and Vermont.

Roland Andy Burrows, the Bermuda Business Development Agency CEO, said: “As the world’s premier captive domicile, the BDA is glad that prospective captive owners from the APAC region now have a greater awareness about Bermuda’s unique advantages.

“These include the quality of captive business being written here (captive gross written premiums of approximately $40 billion); unparalleled access to Bermuda’s globally significant commercial (re)insurance and ILS markets; and Bermuda’s innovative spirit, with new captive entrants writing special lines of coverage such as cryptocurrency, cannabis and most recently, incorporated cell captives.”

“Although certainly not the largest segment of our captive market, Bermuda has several longstanding captives from Asia, including Japan, already registered here,” Mr. Burrows said.

The Captive Review APAC awards virtually brought together risk managers, captive insurance experts, as well as prospective and current captive owners from the APAC region to discuss emerging trends.

The BDA said congratulations also go out to notable Bermuda-resident companies: Marsh, PwC, and AXA XL for winning ‘Captive Manager of the Year,’ ‘Financial Risk adviser’, and ‘Reinsurance Company’, awards, respectively.

Bermuda’s win will be featured in Captive Review’s upcoming ‘Asia Leaders’ publication, accompanied by a full-page advertisement.