The amount of business written by Bermuda-based captive insurers rose sharply in 2010, despite a fall in overall gross written premium (GWP) in the domicile.

Figures released by the Bermuda Monetary Authority (BMA) into the Bermudian insurance market in 2010 show total GWP fell 3% to $US119.7 billion ($119 billion) compared to $US123.5 billion ($122.7 billion) the previous year.

However, gross written premium in the captive sector grew strongly, coming in at $US32.6 billion ($32.4 billion), up 66%.

The BMA says this increase is due to “significantly higher premiums being written by particular entities in the sector”, as well as the reclassification of a number of companies within the market “to more accurately reflect their risk profiles”.

The number of captives in Bermuda fell during the year, with 845 registered captives reported at the end of 2010, down from 885 in 2009.

The total assets of Bermuda’s insurers rose to $US496 billion ($492.7 billion) in 2010, up from $US472.9 billion ($469.8 billion) in 2009.