Bermuda Insurance Update 2014 Volume 1
The Bermuda Insurance Update has released its first issue of 2014, covering topics such as the ongoing surge in new insurers, the recent American concession that Bermuda is not a tax haven, and France’s reversal of their earlier decision to place Bermuda on an economic blacklist, among others.
On the continued rise in numbers of new Bermuda insurers, the Update said, “Registrations of new Bermuda insurers surged by 72 percent for the year 2013, as 91 new insurance companies were formed in the Island, including 24 new captives.
“The Bermuda Monetary Authority said the new firms covered both the traditional and fast-growing alternative risk transfer sectors of the insurance market.
“The total number of new insurers rose from 53 in 2012 and the captive number doubled from 12. There were 16 new commercial insurers [14 in 2012] and a record 51 SPIs [27 in 2012].”
Noting with surprise the American decision to officially agree that Bermuda is not a tax haven, the Update said, “The United States government has conceded that Bermuda is not a tax haven.
“The refreshing, yet surprising, backing of their tiny island neighbour by the world’s preeminent super-power came through a frank exchange between a high ranking US diplomat and a Bermuda radio and television correspondent during a FATCA news conference in Bermuda.”
Regarding France’s reversal of its blacklisting of Bermuda, the Update said, “France’s surprise placement of Bermuda on an economic blacklist this summer has been reversed after just a few months.
“The French government’s short-lived allegation that Bermuda was a tax haven came as Bermuda continued its leadership in tax transparency with the world’s leading economic nations.
“In fact, France itself is one of 60 countries with which Bermuda has signed accords to exchange tax information.”
The full issue of Bermuda Insurance Update 2014, Volume 1 can be downloaded here [PDF].
