Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Farmers Data Breach Could Impact 1M+ Customers
  • ‘Big Four’ Reinsurers Maintain Property-Cat Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

ABIR Applauds US-Bermuda Agreement to Share Tax Information

December 20, 2013
Email This Subscribe to Newsletter
  • Article

Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR), has praised an intergovernmental agreement signed by US Consul General Robert Settje and Bermuda Minister of Finance the Hon. E.T. “Bob” Richards to implement the Foreign Account Tax Compliance Act (FATCA). The agreement, which signals international cooperation on tax law enforcement and compliance, seeks to promote transparency on tax matters.

“I would like to applaud both the governments of Bermuda and the United States for working together to improve international tax compliance and ultimately strengthen the economies of both nations,” said Kading. “As the largest supplier of catastrophe reinsurance to US insurers, Bermuda has a strong relationship with the United States that has only been reinforced through this agreement.”

The ABIR’s bulletin points out that “over the last 12 years alone, Bermuda’s insurers and reinsurers have contributed an estimated $35 billion in catastrophe claims payments to their US clients, including $2.5 billion in response to the World Trade Center tragedy, $17 billion for Hurricane Katrina and $2 billion following tornado outbreaks from 2010 to 2012. This amount now also includes the estimated $3 billion in reported losses by Bermuda’s reinsurers for Hurricane Sandy.”

In remarks made by the Bermuda minister of finance during the signing of FATCA, the Hon. E.T. “Bob” Richards commented that the agreement “emphasizes Bermuda’s commitment to international cooperation in tax matters to fight against cross boarder abuse tax laws.” He also noted that Bermuda now has 41 bilateral Tax Information Exchange Agreements (TIEA’s) in place globally and has multilateral agreements that result in tax cooperation agreements with 60 jurisdictions globally.

The US consul general remarked in his press release that the agreement continues the “long tradition of friendship and collaboration that marks the United States-Bermuda relationship.”

The FATCA agreement builds on the 1988 bilateral tax information exchange agreement between the two nations. In 2010, the United States enacted FATCA to obtain information on accounts held by US taxpayers in foreign countries.

The signing of the Bermuda FATCA agreement will now require foreign financial institutions to identify and report annually information about US account holders directly to the US Internal Revenue Service (IRS). Bermuda also has in place with the United States the Mutual Legal Assistance Treaty.

Source: ABIR: The Association of Bermuda Insurers and Reinsurers (ABIR)

Topics USA Reinsurance

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

20 Years After Katrina, Hurricane Risks to Gulf Coast Rising, Scientist Warns
TransUnion Says 4.4 Million Consumers’ Data Compromised in Hack
Northwestern Settles Hazing Scandal Lawsuit With Former Football Coach
Arthur J. Gallagher Completes $13.5 Billion Acquisition of AssuredPartners

Interested in Reinsurance?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Bermuda insurers reinsurers, Bradley Kading, Foreign Account Tax Compliance Act (FATCA), Internal Revenue Service (IRS)
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
People Moves: Carpenter Taps Aon’s Goodman for Newly Created Role of Chief Client & Growth Officer; Aon Promotes Anderson as Head of Professional Services
Peloton Must Face Shareholder Lawsuit Over Post-Pandemic Outlook
Ford to Recall Hundreds of Thousands of Vehicles Over Instrument Panel, Leak Issues
DeSantis Unleashes ‘Florida DOGE’ in Quest to Kill Property Taxes
More News Features

Read This Next

  • ABIR Applauds US-Bermuda Agreement to Share Tax Information
  • Viewpoint: Why Reinsurance Industry Often Struggles to Manage Market Cycles
  • Update: Another Carrier, Vision Insurance Exchange, to Set Up Shop in Florida
  • Markel Insurance Completes Sale of Reinsurance Renewal Rights to Nationwide
  • PE Firm B.P. Marsh Invests in New Collateralized Reinsurer to Support Growth of XPT

Insurance Jobs

  • Insurance Account Executive/Manager Wanted Flexible Hours, Potential Equity - Dix Hills/Deer Park, NY
  • Sales Agent - Encino, California
  • Insurance Agency Bookkeeper – REMOTE - Remote
  • Assistant Client Services Specialist - Cruz Bay, Virgin Islands
  • Commercial Lines Underwriting Assistant – REMOTE - Remote
MyNewMarkets
  • When Insurance Isn't the Optimal Risk Management Approach
  • Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
  • Tackling Cyber Risks: The Vital Role of Brokers in Third-Party Data Protection
  • DIY Home Inspections Are Taking Over, Firms Say
  • Six Things to Know About Umbrella Insurance
Claims Journal
  • Didi Pays $740 Million to Settle Lawsuit Over US IPO
  • 4.4 Million Consumers' Data Compromised in Hack, Transunion Says
  • FTC Sues LA Fitness for Making it Exceedingly Hard to Cancel Gym Memberships
  • EU Carmakers Warn Combustion Engine Ban Is No Longer Feasible
  • Peloton Must Face Shareholder Lawsuit Over Post-Pandemic Outlook
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map