Bermuda market News

U.K. Broker Tysers Invests in Bermuda-Based MGA, Helix Underwriting Partners

Tysers, the London-based broker, announced it has taken a minority investment in Bermuda’s newly formed and first independent managing general agent Helix Underwriting Partners Ltd. “As we enter the 200th year of Tysers’ existence, we are delighted to be partnering …

Ed Broking Appoints Kelley from Sompo Int’l as Head of Bermuda Liability Division

Ed, the global reinsurance, wholesale and specialty broker, announces the appointment of Colin Kelley as head of Ed’s new Liability Division in Bermuda. Effective immediately, Kelley will lead the professional lines, casualty and healthcare teams. Kelley brings more than 16 …

EU Decision to Put Bermuda on List of Global Tax Havens ‘a Setback’: Premier Burt

Bermuda’s Premier David Burt on Tuesday called the European Union’s decision to put the British overseas territory on a list of global tax havens “a setback” but said he was confident it would soon be reversed. “The news from Brussels …

Ed Broking to Open Bermuda Operation

Ed, the London-based reinsurance, wholesale and specialty broker, announced that it will expand its international footprint by setting up a broking platform in Bermuda. Once approved by the Bermuda Monetary Authority, the operation will be built and led by Chris …

U.S. Multinationals Flee No-Tax Caribbean Havens, in Favor of Low-Tax Havens

Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing …

Members of Assn. of Bermuda Insurers & Reinsurers Provide $840M to Local Economy

Members of the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economic contribution to Bermuda of more than $840 million in 2017, according to the group’s 13th annual member survey results. Data reported for calendar year 2017 from …

Bermuda Market to Stay Key Reinsurance Hub Despite U.S. Tax Reform: A.M. Best

Bermuda will continue to be a key international hub for reinsurance despite being challenged in recent years, most recently by tax reform in the United States, which fundamentally changed how multinational entities are taxed. How the territory’s market has responded …

Bermuda Monetary Authority Sees Increase in Re/Insurance Registrations in 2018

The Bermuda Monetary Authority (BMA) has experienced a recent uptick in re/insurance registrations. Registrations for the first two months of 2018 include 11 re/insurers and one intermediary. These re/insurers include three Class E long-term (life) commercial re/insurers and one general …

Aon Benfield Bermuda Hires Carpenter’s Meyenhofer as CEO; Fox & Davies Promoted

Aon Benfield announced a new hire and expanded roles for its reinsurance team in Bermuda. Matthias Meyenhofer will join the firm on Sept. 1, in accordance with his existing contractual requirements, as chief executive officer of Aon Benfield Bermuda, subject …

Bermuda’s Re/Insurance Model to Be Tested Following U.S. Tax Cuts: Fitch

The Bermuda re/insurance model will be tested following U.S. tax forms and the continuing challenges of competitive market conditions, according to a report by Fitch Ratings. The cut in the U.S. corporate tax rate to 21 percent from 35 percent …