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Bermuda's captive insurance brokers & managers

The most successful and profitable of international businesses in this offshore location

By Keith Archibald Forbes (see About Us) exclusively for Bermuda Online

To refer to this particular wefile, please use "bermuda-online.org/insmgrs" as your Subject.

Bermuda's Insurance Market: A World Leader says why. Bermuda's strength lies in the quality and caliber of those involved with the 2,400+ captive insurance companies based in Bermuda. Here are some which own or run captive and other insurance companies. See Insurance Business Fees in Bermuda.  

Why a Captive Insurance Broker or Manager?

While the premiums written by captives are huge and their assets are four to five times greater, the vast majority do not generate sufficient work to justify the establishment in Bermuda of fully-staffed offices. So they employ Bermuda-based insurance managers as their consultants. It works well for both parties.

Bermuda-based American International, one of the busiest in Bermuda Insurance. Photo by author Keith Archibald Forbes, solely for Bermuda Online.

Leading Brokers & Managers

We will gladly show and link to their web sites at no charge to them when they reciprocate the courtesy with either a link to Bermuda Online, sorry, not before. Many are owned by the large broking houses or insurance companies from which much of their business flows. The independent companies obtain their clients from other sources including medium to large size broking houses with no captive insurance divisions of their own.

Many not majority owned by Bermudians so are not allowed to do in Bermuda what they are allowed to do in the UK, Britain, Europe, USA, Asia, etc, namely to operate and sell to local customers either in their own corporate name or through local subsidiaries and branches. 

• AII Insurance Management.
• Allegro Insurance Management.
• Allegro Insurance & Risk Management
• Alternative Re 
• American International Company
• American and Overseas Reinsurance Management Co
• Argonaut.
• Artex Intermediaries.
• Artex Risk Solutions (Bermuda)
• Arthur J. Gallagher Management (Bermuda). Sofia House, 4 floor, 48 Church Street, Hamilton HM 12. Telephone (441) 292-4654. Fax (441) 292-8231
• Aon Insurance Managers (Bermuda). Craig Appin House, 8 Wesley Street, Hamilton HM 11. Telephone (441) 295-2220. Fax (441) 292-0217. 
• Atlantic Security. Warner Building, 85 Reid Street, Hamilton HM 12. Telephone (441) 296-4297. Fax (441) 296-4306.
• Beecher Carlson Management. Continental Building, 25 Church Street, Hamilton HM 11. Telephone (441) 295-0519. Fax (441) 295-0933. 
• BF&M Management. ACE Building, 30 Woodbourne Avenue, Pembroke HM 08, Bermuda. Telephone (441) 292-6396. Fax (441) 292-8682.
• Bott & Associates. The Armoury Building, 37 Reid Street, Hamilton HM 11. Telephone (441) 292-6564. Fax (441) 292-5796.
• Capital Management Services 
• Cedar Management
• CFM Insurance Managers. 48 Church Street, Hamilton HM 12. Telephone (441) 296-1051 or fax (441) 295-1702.
• Charles Taylor & Co. (Bermuda)
• CNA Risk Services. Continental Building, 25 Church Street, Hamilton HM 12. Telephone (441) 295-6015. Fax (441) 295-1702.
• Codan Management
• Cranham Management. 37 Reid Street, Hamilton HM 12. Tel: (441) 295-8441. Fax: (441) 292-1210. 
• Griffiths & Wanklyn Management. Craig Appin House, 8 Wesley Street, Hamilton, Bermuda. P. O. Box HM 658, Hamilton HM CX. Telephone (441) 295-1639. Fax (441) 295-1638.
• Hartford Management. Subsidiary of The Hartford, USA. Crawford House, 50 Cedar Avenue, Hamilton HM 11. P. O. Box HM 2087, Hamilton HM HX. Telephone (441) 295-5243. Fax (441) 295-4460.
• Horseshoe Management
• HSBC Insurance Solutions (Bermuda)
• Independent Management Group. Williams House, 3rd Floor, Reid Street, Hamilton HM 11. P. O. Box HM 2070, Hamilton HM HX. Telephone (441) 295-1646. Fax (441) 292-8062
• ING Risk Management (Bermuda)
• Insurance Brokerage & Management Co. 3rd Floor, Jardine House, 33/35 Reid Street, Hamilton HM 12. Telephone (441) 295-2470. Fax (441) 292-8243
• International Advisory Services. 3rd Floor, Chevron House, 11 Church Street, Hamilton HM 11. P. O. Box HM 1760, Hamilton HM HX. Telephone (441) 295-3688. Fax (441) 295-2584
• International Risk Management (Bermuda). (Owned by IRM Group/Swiss Reinsurance Co). Belvedere Building, 69 Pitts Bay Road, Pembroke. P. O. Box HM 660, Hamilton, HM CX. Telephone (441) 295-0713. Fax (441) 295-1712.
• JLT Insurance Management (Bermuda)
• Kast Financial Management. Gibbons Building, 3rd Floor, 10 Queen Street, Hamilton HM 11. Telephone (441) 295-4274. Fax (441) 295-8075.
• Liberty Mutual Management (Bermuda). 3rd Floor, 73 Front Street, Hamilton. Phone 296-2131. Fax 296-8846. A wholly-owned subsidiary of Liberty Mutual in USA.
• Marsh Management Services (Bermuda). Victoria Hall, Hamilton, HM 11. Telephone (441) 292-4402. Fax (441) 292-1563.
• Meadowbrook Risk Management. Captive management operation of the Meadowbrook Insurance Group. Belvedere Building, 69 Pitts Bay Road, Hamilton HM 08. Telephone (441) 292-7569. Fax (441) 292-3299. P. O. Box HM 2340, Hamilton HM JX. 
• NG Insurance Management Company 
• Novus Management Limited
• QBE Managememt (Bermuda) 
• Ordinance Holdings. Suite 306, Commerce Building, #1 Chancery Lane, Hamilton, Bermuda HM12. Phone  296- 1758. Cellular: 799-4377. Fax: 295-4957.
• Pinehurst Management Co. Dallas Building, 5th Floor, Hamilton HM 11. Telephone (441) 295-4864. Fax (441) 292-7375
• Powerscourt Management. (Owned by the Powerscourt Group Ltd). Windsor Place, 18 Queen Street, Hamilton HM 11. P. O. Box HM 2267, Hamilton HM JX. Telephone (441) 295-8495. Fax (441) 292-1196.
• Quail Street Management. 
• Quest Management Services
• Realm Captive Management Company. Victoria Hall, 11 Victoria Street, Hamilton. P. O. Box HM 464. Hamilton HM BX. Telephone (441) 295-6964
• Reed Stenhouse International Insurance Services. Dorchester House, Hamilton. Telephone (441) 295-0265
• Reid Management. Windsor Place, 4th  Floor, 22 Queen Street, Hamilton HM 11. Telephone (441)  296-3695. Fax (441) 295-3328. Cellular (441) 235-1284.
• Richmond Financial Managers
• Risk Services (Bermuda)
• Sedgwick Management Services (Bermuda). (Part of Sedgwick Europe Risk Services). Level 6, Cumberland House, 1 Victoria Street, Hamilton. P. O. Box HM 2280, Hamilton HM JX. Telephone (441) 292-6667. Fax (441) 292-0498.
• Shoreline Mutual Risk Management (Bermuda). 48 Church Street, Hamilton HM 12. Telephone (441) 296-2324. Fax (441) 296-2327. 
• Sinser Management Services. Owned by the worldwide Nordic Skandia Group. Skandia International House, 16 Church Street, Hamilton, HM 11. P. O. Box HM 2062, Hamilton HM HX. Telephone (441) 295-2185. Fax (441) 292-8637.
• Strategic Risk Solutions (Bermuda) 
• Symphony Management. The Pearman Building, 3 Gorham Road, Hamilton. Telephone (441) 295-2447. Fax (441) 292-0511. 
• Tate & Lyle Management & Finance.  (One of the Tate & Lyle Group of sugar, cereal sweetener and starch processing companies). Jardine House, 33/35 Reid Street, Hamilton HM 12. P. O. Box HM 337, Hamilton HM BX. Telephone (441) 295-9911. Fax (441) 292-6139. 
• Thomas Miller (Bermuda) 
• Transatlantic Management Company. Washington Mall, Phase 1, 7 Church Street, Hamilton HM 11. Telephone (441) 295-9319. Fax (441) 295-5386
• Triangle Insurance Management. Phoenix Building, 2 Reid Street, Hamilton HM 11. Telephone (441) 295-3952. Fax (441) 295-3982
• Uni-Ter International Management
• USA Risk Group (Bermuda)
• W. A. Taft & Co.
• Welbeck Management. International Centre, Room 504, 26 Bermudiana Road, Hamilton HM 11. Telephone (441) 295-2240. Fax (441) 295-2269
• Westbroke. Richmond House, 12 Par-la-Ville Road, Hamilton HM 08. Telephone (441) 292-3434. Fax (441) 292-0865
• Willis Management (Bermuda). (Part of Willis Group plc of the United Kingdom). F. B. Perry Building, 40 Church Street, Hamilton HM 12. Telephone (441) 295-1272. Fax (441) 295-4143. 
• Windward Management Ltd.
• Zurich International (Bermuda). One of the 10 Bermuda-based subsidiaries of the Zurich Group. The Zurich Centre, 1st Floor, 90 Pitt's Bay Road, Pembroke HM 08, Bermuda. Mailing address is  P. O. Box HM 2268, Hamilton HM JX, Bermuda. Telephone (441) 294-2400. Telefax  (441) 294-2401

Services they provide include

Accounting, underwriting and claims services with the requisite staff and systems' backup. They usually coordinate the activities of other service providers to the client company, such as accountants, actuaries, auditors, bankers, claims adjusters, investment advisors, lawyers and underwriters. They also provide other consulting services to third party insurance and reinsurance companies also domiciled in or undertaking multinational business from Bermuda. These services can be:

• Assistance with and advice on all aspects of the Incorporation and Insurance Registration process.
• Financial statement preparation monthly or quarterly as required by the client.
• Detailed reporting on financial statements including ratio analysis.
• Assistance with the completion of reinsurance agreements with fronting companies.
• Assistance with provision of letters of credit or other security, from good working relationships with NAIC approved banks.
• Liaison with actuaries, bankers and corporate secretarial service providers.
• Underwriting analyses and management of fronting programs including loss payments, and IBNR assessments.
• Review of investment management including advice on ways in which a captive with insufficient funds for a separate managed portfolio may achieve enhanced returns.
• Assistance with analyses required for Tax Authorities.
• Assistance in litigation.
• Access to the excess liability and property catastrophe market if desired, when the manager is also a licensed Bermuda broker.

Bermuda-based international insurance companies on Pitts Bay Road. Photo by author Keith Archibald Forbes, solely for Bermuda Online.

Structure of management Fees

Providers usually work on an annual fixed fee basis based on time and expense records they maintain. Some charge for time spent on forming the insurance company while others absorb this cost and the remainder negotiate the commencement of their management contract the day they begin preparing the business plan. Services provided and fees charged depend on number of insurance policies issued; whether the businesses is written directly or via a domestic issuing ('fronted') company (with the latter arrangement usually requiring less work); reporting requirements of the client company's parent or owners, in frequency and complexity; number of annual and other meetings the management company is required to attend and/or prepare for and whether these require overseas travel; claims handling arrangements; arrangements for investment of funds; and general level of responsibility placed on the management company for various aspects of the client company's operations.