Hamilton Princess Hotel
Having weathered competitive and recessionary challenges, Bermuda is experiencing a renaissance of sorts. Turbulence and uncertainty in other global hubs are making the industry’s traditional incubator of change look very much like a safe harbour for companies seeking robust and innovative risk-transfer solutions. Bermuda:Re+ILS reports.
After a tough recession and a period when competition from other domiciles intensified, a sequence of events in the past 12 months have conspired to place Bermuda at the very heart of the risk-transfer business globally and well positioned to become stronger and more vibrant than it has ever been.
Ironically perhaps, some of the boost that Bermuda has enjoyed and looks set to benefit from stems from uncertainty and turbulence in other parts of the world. Ongoing instability in the Middle East and economic uncertainty in key parts of Asia combine to make those regions less attractive as a hub for multinational companies.
Perhaps most significant of all, the UK’s decision to leave the European Union could have important consequences for many re/insurers based in the UK which trade heavily with Europe—and many other players that use the UK as a gateway to Europe. Many are already reviewing their corporate structures and strategies on the back of the surprise vote, the full implications of which will become clear only in the long term.
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Bermuda, Solvency II, Brexit, XL Catlin, BDA, Alternative Risk Transfer, Captives, Insurance, Reinsurance