In 2016, a total of 13 captive insurers were approved for registration by the Bermuda Monetary Authority, including 4 Class 1 companies (single-parent captives), 4 Class 2 companies (group captives) and 4 Class 3 companies (captives permitted to underwrite 20-50% of unrelated business). Apart from two companies respectively from Chile and Mexico, the new entrants came mainly from the United States.

        By the end of 2016, Bermuda had 776 captive insurers, down 21 from 797 in 2015, with 34 captives exiting the market. The total comprises 225 Class 1 companies, 280 Class 2 and 255 Class 3 companies, plus 8 Class A and 8 Class B companies.

       The Bermuda government said: "We are seeing a large number of captive mergers, acquisitions and restructurings driven by parent company cost control, while interest in captives from Central and South American countries continues to grow."

        Among the new companies is Solen Life Insurance Company, established on 28 July last year — a Class A captive set up by Royal Dutch Shell to underwrite long-term liability business. On the advice of its legal and actuarial experts, it plans to subscribe USD 200 million into a Shell overseas annuity fund established in September 2016.

        Shell established a single-parent captive in Bermuda back in 1981 — Solen Insurance Limited.

        Bermuda does not count its cell captives in its statistics.