Ultra‑high‑net‑worth families are increasingly looking to Bermuda not just for trusts, but to “bring insurance home” via bespoke captive insurance structures that sit alongside their family offices.

Speaking on a recent joint webinar hosted by the Bermuda Captive Network and the Society of Trust and Estate Practitioners Bermuda, industry leaders argued that the island’s captive market and rising focus on family offices are converging into a major new niche: private‑wealth captives.

“Bermuda’s insurance story is often told as a technical evolution, but at its heart, it is a story of people who refused to accept that the world’s largest risks were unsolvable,” said Catherine Duffy, a veteran of Bermuda’s insurance market.

Bermuda already hosts more than 650 captives, according to panellists, supported by a wider insurance ecosystem of 1,200-1,300 licensed entities. Traditionally the domain of global corporates, these vehicles are now being adapted to cover the highly specific risks of super-wealthy families. That can mean everything from fine art and collectibles to bespoke life structures and access to global reinsurance markets.

The timing aligns with a global surge in family offices.

“Single family offices are really on the rise,” noted Laura Kearns, counsel at Carey Olsen. “In 2024, there were just over 8,000 single family offices in the world, up from just over 6,000 in 2019. And that number is projected to grow to around 10,700 by 2030.”

Over the same period, the wealth they oversee is expected to nearly triple, from $3.3 trillion in 2019 to a projected $9.5 trillion by 2030.

Panellists stressed that these are long‑term solutions, not experimental side projects. “The use of a captive which reinforces that long‑term capital retention, that encourages long‑term decision‑making and succession planning, ties very neatly into the concept of a dynastic structure,” Ms Kearns said.

What differentiates Bermuda in this area, Ms Duffy argued, is its regulatory strength. Ultra-high-net-worth families seek out control, confidentiality and durability, which means corporate‑grade captives can now serve as tools to preserve dynastic wealth.

“We built a unique partnership between the government, the regulator and the corporations we serve,” Ms Duffy said.