Monkton Insurance Services Limited

Costs of establishing and operating a captive insurance company in Bermuda

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Establishment Costs (in US Dollars)

Insurance Licence Application Fee            $7,500
 (and first year licence fee)

Legal and Professional Fees                  $3,000

Government Incorporation Fee                 $4,400

Total                                       $14,900

Operating Costs (in US Dollars)

Insurance Licence Fee                        $7,500

Audit Fee                                   $15,000

Corporate Secretarial Fee                    $5,000

Captive Management Fee (from)               $30,000

Local Director's Fee                         $2,500

Communications Costs                         $1,000

Annual Meeting Expenses                      $2,800

Total                                       $63,800