Captive Insurance Services
Deloitte in Bermuda - the right people to meet your needs and our focus on industry specialization is evident.
We deliver audits to hundreds of captive insurance companies with operations both in Bermuda and globally. Auditing is a highly complex process, and the role of auditors as a vital link in the financial reporting chain has never been more important, nor their role as trusted advisors more valued.
Global Strength. Local Delivery.
Our global insurance practice includes nearly 5,000 professionals and more than 800 dedicated partners and directors. Our global financial service industry includes over 19,000 professionals.
The global network of Audit and Enterprise Risk Services professionals at Deloitte member firms provides a range of audit and advisory services to assist clients in achieving their business objectives, managing their risk and improving their business performance - anywhere in the world.
What we offer
- Financial statement audits
- Agreed-upon procedures engagements
- Advisory services on adoption of new accounting standards
- Advisory services on preparations of annual financial statements
- Advice on changes to offshore and onshore regulatory environments
- Conversions from US GAAP to IFRS
- Provide actuarial services including reviewing reasonableness of reserves and signing loss reserve specialist opinions for inclusion in annual BMA filings
- Advisory services on initial structuring of captive
- Access to Deloitte’s global reinsurance industry expertise
- Professionals trained specifically for audits of companies in the insurance industry
- Deloitte professionals consult and advise regulators, including the Insurance Advisory Committee, which advises the Ministry of Finance on matters related to the development and growth of the insurance industry in Bermuda
- Centre of excellence for audits of captive insurance companies
- In-house actuaries with over 30 years combined experience
- In-house tax department with over 30 years combined experience
We serve over 200 captives, covering all classes of insurers writing all potential lines of business.
How Deloitte can help
Whether your program’s objective is to insure employee benefit/pension obligations, property risks, professional liability exposures, or any other risk that doesn’t align with your business goals, we have the right expertise in our global network to appropriately evaluate and develop a suitable solution.
Once you are ready to set up your program, you will need to select professional service providers and prepare the relevant documentation. We have experience developing pre-incorporation documents, and great relationships with local service providers, and can help you with your application. From there, it is a streamlined process to receive your insurance license.
If you would like to learn more about the application process, orwould like more information on captive use cases we have observed in the market, please do not hesitate to contact us.