class one insurers: $3 billion in gross premiums written - $2 billion in net premiums written - $10.6 billion in total assets and $5.2 billion in capital and surplus

class two insurers: $6.3 billion in gross premiums written - $4.9 billion in net premiums written - $32 billion in total assets and $11.2 billion in capital and surplus

class three insurers: $32.6 billion in gross premiums written - $26.1 billion in net premiums written - $86.7 billion in total assets and $30.4 billion in capital and surplus

class four insurers: $17.4 billion in gross premiums written - $15.4 billion in net premiums written - $55.5 billion in total assets and $22.5 billion in capital and surplus

long-term insurers: $3.4 billion in gross premiums written - $3.4 billion in net premiums written - $19.5 billion in total assets and $6.2 billion in capital and surplus

Totals: $62.7 billion in gross premiums written, $51.8 billion in net premiums written, total assets of $204.3 billion and $75.5 billion in capital and surplus.

@EDITRULE:

Source: The Bermuda Monetary Authority

CLASS 1: A single parent captive insurance company owned by one or more affiliates of a group and underwriting only the risks of the owners of the insurance company and affiliates of the owners. Class 1 insurers are required to maintain minimum capital and surplus of $120,000.

CLASS 2: Multi-owner captives which are defined as insurance companies owned by two or more unrelated persons provided that the captive underwrites only the risks of the owners and affiliates of the owners and/or risks related to or arising out of the business or operations of the owners and affiliates. A Class 2 license will also apply to single parent and multi-owner captives writing no more than 20 percent of net premiums from risks which are not related to or arising out of the business or operations of their owners and affiliates. Class 2 insurers are required to maintain minimum capital and surplus of $250,000.

CLASS 3: Applies to insurers and reinsurers not included in Class 1, 2, or 4. This includes finite reinsurers; reinsurers writing third party business; insurers writing direct policies with third party individuals; and, single-parent, group, association, agency or joint venture captives where more than 20 percent of net premiums written is from risks which are unrelated to the business of the owners. Class 3 insurers are required to maintain minimum capital and surplus of $1 million.

CLASS 4: Insurers and reinsurers underwriting direct excess liability insurance and/or property catastrophe reinsurance risks. Class 4 insurers are required to maintain minimum capital and surplus of $100 million.

Long-Term: Life and pension writers with minimum capital and surplus requirements of $250,000

@EDITRULE:

Source: Bermuda Insurance Institute