The total assets of Bermuda’s insurance market were approaching half a trillion dollars at the end of 2009, according to figures released today by financial regulator the Bermuda Monetary Authority (BMA).Bermuda insurers recorded an increase in aggregate total assets to $496 billion, as compared to the $472.9 billion achieved the previous year. Despite the prolonged soft market and global economic recession impacting overall results for the industry to some extent, total gross premiums written remained strong at $119.7 billion, as compared to the previous year’s total of $123.5 billion.The captive sector wrote $32.6 billion in gross premiums, a year-on-year increase of 66 percent over the $19.6 billion recorded for the prior year. This increase can be attributed primarily to significantly higher premiums being written by particular entities in the sector, as well as the BMA reclassifying a number of companies within the market to more accurately reflect their risk-profiles.BMA chief executive officer Jeremy Cox said: “2010 was a challenging year for the global financial sector with continued economic turmoil and uncertainty experienced around the world. Notwithstanding these conditions, the Bermuda insurance market maintained its resilience, still achieving significant results both in underwriting premiums and total assets. Our commercial sector especially remains strong. In addition, the volume of gross premiums written by our captive sector demonstrates Bermuda’s sustained leadership among captive domiciles.”Bermuda had 845 captives at the end of 2010, a decrease of 40 from a year earlier, which was due to changes in classifications of some companies as well as some deregistrations and amalgamations, the BMA said.