Bermuda’s share of net premiums in re/insurance dropped by $7.7 billion to $108.5 billion between 2014 and 2015.

The latest figures from the Bermuda Monetary Authority added that capital held fell, but that total assets went up.

Capital held dropped by $13.7 billion to $200.8 billion, while total assets increased by $48.4 billion to $631.7 billion.

Craig Swan, BMA managing director for supervision, said: “These statistics illustrate the continued strength of Bermuda’s reinsurance and insurance market and highlight the domicile’s position of high repute in the world’s risk transfer industry.”

The BMA said the changes were in line with challenging market conditions over the period — but pointed to the increase in assets as underlining industry confidence in the market.

Mr Swan added that Bermuda was one of only seven countries with US qualified jurisdiction status and one of two assessed as fully equivalent under EU Solvency II rules.

He said: “Bermuda’s positive reputation means that more reinsurers and insurers are controlling and managing the primary operations of their group structure from Bermuda.”

Mr Swan added that the BMA business plan for this year stressed its desire to continue to improve its “performance, relationships and operations”.

And he said: “Bermuda’s reputation as a financial centre depends on the Authority’s ability to continue executing and consistently delivering supervision to the high standard expected of it.”

Bermuda, the world’s largest captive domicile, saw increases over the period in net premiums in that sector of $5.9 billion to $45.4 billion and held capital of $75.5 billion, down $3.8 billion to $75.5 billion, with total assets of $195 billion down $1.3 billion.