Video: Webber On Solvency II & Panama Papers
Bermuda Business Development Authority CEO Ross Webber spoke with A.M. Best at the recent RIMS Conference in San Diego, covering topics including the Panama Papers, the island’s achievement of attaining Solvency II equivalency and more.
In describing the segment, A.M. Best said that Mr Webber said “XL Catlin and Qatar Re have announced they are moving to Bermuda, moves that were aided by the island’s success in achieving Solvency II equivalency.”
The interviewer began by asking Mr Webber “how is Bermuda responding to the Panama Papers and the accusation that offshore domiciles can be used as tax shelters for the wealthy.”
In reply Mr Webber said, “Interestingly, Bermuda looks this as a good opportunity. Bermuda was not named as one of those tax havens in the Panama Papers, and it certainly didn’t make it to top ten, and there’s a reason for that.
“It’s because Bermuda is different to other international financial centers and one of the main reasons why it is different is related to insurance industry and the way that Bermuda domicile gives back to the larger nations, particularly the like of the UK and the United States. Our claims payment record is exemplary.”
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Tell us something new Ross.