The Increasing significance of Bermuda
With increased regulation and a global emphasis on transparency, some have questioned the future of offshore financial centres, Bermuda however, seems to be defying this movement and has very firmly positioned itself as one of the world’s leading financial jurisdictions.
The region continues to update and improve its regulatory framework to withstand critical inspection and also endures to strengthen relationships with international financial centres in order to create an attractive business environment. Acquisition International speaks to David Ezekiel , Chairman and MD of Marsh IAS Management Services Bermuda Ltd. Marsh IAS Management Services Bermuda Ltd. has managed captives in Bermuda, a British Overseas Territory, since 1968 and has extensive expertise in defining, designing, and delivering tailored captive management services to a wide range of clients.
With 120 specialists based on the island and 420 insurance companies under management, Marsh is the largest captive manager in Bermuda. Against a backdrop of ever increasing competition from other domiciles, an insurance market that still shows signs of overcapacity, and a worldwide regulatory regime that gets more challenging every day, Bermuda has worked hard to maintain its status as the world’s largest captive domicile. Beyond captives, Bermuda has also established itself as one of the world’s largest insurance centers. The island now has more insurance companies with capital and surplus in excess of id="mce_marker" billion than any country in the world except the U.S. Bermuda has taken a number of steps to continue to protect its leadership position, including: • taking a leadership role in Solvency II
equivalence; • focusing on the captive sector to ensure continued growth with international businesses; and • signing a number of Tax Information Exchange Agreements (TIEAs) with major trading partners. Bermuda’s business community has also engaged the government to ensure that Bermuda continues to be viewed as a domicile of choice for new insurance company formations, and that existing companies remain on the island. Changes in company law, relaxation of the Term Limits Policy, improved processing of work permits, and the introduction of the 10-year work permit have all been well received.
Bermuda has also recognised that putting these changes in place is only the first step—getting the message out to current and potential customers is also essential. Increased representation at major business gatherings and a concerted effort by Business Bermuda, a local trade group, are making an impact. Offshore financial centers have been under increasing pressure and scrutiny over the last five years. Bermuda is adapting to the changing environment and is well positioned to not only survive but thrive.
Company: Marsh IAS Management Services
VOTING NOW CLOSED
FEATURED ARTICLE ARCHIVE
- ► 2013 (19)
- ► April (4)
- ► March (4)
- ► February (4)
- ► January (7)
- ► 2012 (41)
- ► December (9)
- • Baird-Backed Gabbro acquires Midlan...
- • Exxaro acquires African Iron
- • EBRD and RDIF buy into Russia’s M...
- • UBL-led consortium acquires stake i...
- • HPF acquires Jordan Dubai Capital
- • PATRIZIA Immobilien AG led consorti...
- • Diageo acquires Ypióca
- • PIC, South Africa’s Largest Inves...
- • MedcoEnergi acquires Malik Block 9
- ► November (3)
- ► October (2)
- ► September (3)
- ► July (2)
- ► June (3)
- ► May (3)
- ► April (4)
- ► March (5)
- ► February (2)
- ► January (5)
- ► December (9)
- ► 2011 (6)
THIS MONTH'S ISSUE
Pluralsight Receives $27.5 Million in Funding From Insight Venture Partners...
Osprey Capital Backs iNDEXX Markets...
Whether you need a bespoke design or financial tombstone for a closing gift, AI can project manage the whole process.
Find out more...
Transaction Latin America Hedge Fund Investment Israel Deal of the Year Scotland Merges and Acquisition Bulgaria Appointments Transfer Acquires Cyprus Georgia Secondary Buyouts Doing Business Insurance Due Diligence Funding Foreign Direct Double Taxation Agreements Transfer Pricing Private Equity London