Insurance companies

Captive insurance Bermuda British Virgin Islands Cayman Islands
Summary at a glance
Total captive insurance incorporation costs (excl. Government fees) US$16,300 US$16,300 US$10,300
Subsequent annual costs US$12,350 US$12,350 US$18,216
How long to incorporate a captive insurance co.? 7 weeks 7 weeks 5 weeks
Do you visit the country for incorporation? No No No
Minimum share capital US$120,000 - US$1,000,000* US$200,000 US$100,000 – US$200,000*
Regulatory Authority Supervisor of Insurance and the Assessment and Licensing Committee (ALC) of the Bermuda Monetary Authority ("BMA") British Virgin Islands Financial Services Commission (BVIFSC) Cayman Islands Monetary Authority (CIMA)
Licenses 8 categories of insurers 4 categories of insurers 7 categories of insurers
Registered office required? Yes Yes Yes
Local directors required? No (local representative and local secretary enough) No No
Resident registered agent required? Yes Yes No
Resident manager required? No No No
Legal considerations
Minimum number of directors required? 2 2 2
Minimum number of resident directors required? 0 0* 0
Corporate directors allowed? No No Yes
Individual directors allowed? Yes Yes Yes
Must the managers have a license? Yes Yes Yes
Minimum number of resident representative required? 1 0 0
Public register of shareholders and directors Yes No No
Tax and accounting considerations
Corporate tax payable 0 0 0
Audited financial statements Yes Yes Yes
What to report to the Regulatory Authority
  • Audited statutory financial statements;
  • Declaration of solvency ratios.
  • Audited statutory financial statements;
  • Declaration of solvency ratios.
Certificate of Compliance
Audit firm required? Yes Yes, local Yes
Access to how many double tax treaties 0 2 0
Withholding tax payable 0 0 0
Can the captive insurer hire expatriate staff in the country? No No No
Logistic considerations
Allowed to invoice/sign sales contracts with local clients No No No
Can rent office premises in the country No No No
Average monthly salary in Captive insurers (US$) US$8,500 US$8,500 US$8,500
English spoken rate 97% 75% 95%
Literacy rate (%) 98% 98% 99%
Computer literacy rate (%) 88.3% 46.9% 70.6%
GDP per capita (US$) US$86,000 US$42,300 US$43,800
Population 69,467 31,912 53,737
Unemployment rate 8% 8.7% 4%
Inflation rate (2013) 2.4% 2.2% 1.2%
Estimate of engagement costs
Healy Consultants engagement fees US$15,200 US$15,200 US$9,200
Company secretary and legal registered office US$1,100 US$1,100 US$1,100
Estimate of Government registration fees US$3,500* US$3,500 US$10,366
Estimate of total outgoings in Year 1 US$19,800 US$19,800 US$20,666

Contact us

For additional information on our insurance company setup services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Karen Lee, directly:
client relationship officer - Karen