Rating agency Fitch recently rated Bermuda as the ‘top choice’ for the convergence market, further cementing the Island’s credentials in the insurance and capital markets space.Ĭannonier says international business generally is vital to the Bermuda economy, representing as much as 70 percent of GDP for the Island.
That goes a long way when we are attracting business.”īermuda continues to be positioned as the “insurance risk capital of the world”, says Cannonier, largely thanks to its long established tradition as a pioneering jurisdiction that rapidly embraces and exploits innovation.
Here, you can find every type of expertise you need within Hamilton-in one city and all within a short walk of each other. “If you domicile your captive in a US state, for example, you might be working with a lawyer in another country and an accountant somewhere else. That is not something you easily find elsewhere. “We represent a one-stop shop for some areas of business-you can literally walk door to door here and find world class expertise and intellectual property within a tiny geographical area. Latest estimates suggest it has around 960 registered captives, representing some 20 percent all such vehicles globally, with more than 40 countries domiciling captives on the Island.Ĭannonier notes that while Bermuda’s regulatory environment represents the biggest draw for businesses generally and the captive industry specifically, he can also highlight some of the other benefits the Island offers business visitors.īecause Bermuda also boasts such a concentration of insurance and reinsurance companies-a sector in which it is also a world leader-he says there is a critical mass of talent and expertise on the Island, something that can make doing business even more efficient for companies. We are planning ahead by 10 to 15 years in terms of the way we remain competitive both on the regulatory front and towards ensuring we have an attractive business environment more generally.”īermuda is the biggest captive domicile in the world. All we can do is remain vigilant and proactive.
The dynamics of international business can change overnight and we cannot predict how things might change in the future. “To achieve that, we must evolve with the industries that are so important to us.
0 kommentar(er)
