| BMA Publishes 2010 Annual Report |
by Amanda Banks, Tax-News.com, London
Friday, July 29, 2011
Bermuda's regulatory authority has released figures on
the fund, insurance and banking sectors for the 2010 year.
The Bermuda Monetary Authority's (BMA) annual report for 2010 provides a series
of year on year figures for the island's financial services sector. The publication
follows on from the latest set of statistics released by the BMA, which relate
to the first quarter of 2011, and were published recently.
The total number of funds in Bermuda at the end of 2010 was 900, down from
955 the previous year, 1,133 in 2008 and 1,303 in the peak year of 2007. The net asset value (NAV) of Bermuda's funds reached BMD178.44bn (USD178.44bn),
which was an improvement on the BMD147.30bn recorded in 2009. It also surpassed
the BMD171.19bn seen in 2008, but fell short of the peak of BMD249.17bn registered
in 2007. The number of portfolios within Bermuda's classified funds was 1,440,
which was down on 2008's 1,472. This figure also marks the continuing decline
in such numbers, which sat at 1,887 in 2008, and 2,162 in 2007.
Bermuda's banks and deposit companies (consolidated) boasted total assets of
BMD23.37bn in 2010, up from the previous year's BMD21.63bn. The total comes
close to matching 2007's peak of BMD24.19bn.
At the end of 2010, there were 1,316 registered insurance companies, the majority
of which were Class One, Two and Three insurers, making up 23%, 26%, and 23%
of the total number respectively. Class One insurers are single-parent captives
insuring the risks of their owners or affiliates of the owners. The Class Two
category relates to those insurers which are either multi-owner captives insuring
the risks of their owners or affiliates of the owners, or single parent or multi-owner
captives insuring the risks arising out of the business or operations of the
owners or affiliates, and/or deriving up to 20% of their net premiums from unrelated
risks. In Class Three are those captive insurers underwriting more than 20%
and less than 50% unrelated business.
This total was marginally down on 2009, when there were 1,348 firms on the
island, but the preponderance of Class One, Two and Three insurers remains the
same. The gross premiums written in 2009 totaled BMD119.7bn, and those in 2008
amounted to BMD123.6bn. Once again, 2007 is seen to be the peak year, when premiums
of BMD124.4bn were written.
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