Bermuda, which remains the world's dominant captive insurance leader, saw 65 incorporations in 2006–the majority of which were third-party insurers and reinsurers, one bullish captive manager reports.
"The vast majority of those new formations–49–were Class-3 business. This is the trend," noted Peter Willitts, president of Liberty Mutual's Bermuda-based captive management operation, referring to a regulatory category that includes rent-a-captives, where nonrelated business can be written.
He added that many of last year's start-ups were niche underwriters.
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