Conyers consistently incorporates more new insurance companies than all other law firms in Bermuda combined. With many years of experience, you can trust in our legal team to ensure that every step in the process of incorporating, organising and licensing a captive is handled as quickly and smoothly as possible.
Usually, the whole process takes no more than three to four weeks. However, where an application is urgent, the time frame may be condensed. It has been our experience that the regulator co-operates as much as possible to meet deadlines.
What is a Bermuda Class 1 Insurer?
A company may be licensed as a Class 1 insurer if it is wholly owned by one person and intends to carry on insurance business consisting only of insuring the risks of that person or its affiliates. Such insurers are often referred to as “pure captives” and are subject to the least onerous regulatory oversight of all the classes of general business insurer.
Reservation of a name
Incorporation begins with the reservation of the proposed name.
- You should propose at least two alternative names, as a name similar to an existing Bermuda company’s name will not be reserved.
- Conyers Corporate Services will submit the application to reserve the name.
- The process generally takes a day.