Bermuda: The vital role of the principal representative
Bermuda's regulatory framework requires every insurance company registered under the Insurance Act 1978, including those without a physical presence on the island, to appoint a principal representative approved by the Bermuda Monetary Authority.
In its recent judgment in CC/Devas (Mauritius) Ltd v Republic of India, the High Court of England and Wales has held that ratification by a State of the New York Convention does not in itself amount to a waiver of immunity by that State in arbitral enforcement proceedings under English (and by extension Cayman) statute, addressing a key question that had been raised – but left unanswered – by previous authorities. This decision is of interest in relation to arbitral enforcement against States in the Cayman Islands.
The End of the Digital Nomad Visa: How Else Can Individuals Reside in Bermuda?
As of 28 February 2025, Bermuda officially discontinued its popular “Work from Bermuda” (WFB) Certificate, which had allowed digital nomads and remote workers to live and work on the island for up to a year. This program, introduced in August 2020, was part of a global trend during the height of the COVID-19 pandemic to attract remote professionals seeking a change of scenery. The scheme was popular – and the application process relatively straightforward - with the Bermuda Government reporting around 1,800 participants. However, the Government has recently announced that it will be “transitioning back to multi-year residency applications for individuals who wish to reside in Bermuda”. Termination of the scheme marks a significant shift in Bermuda’s approach to remote working and residency with the Government stating that the “transition aligns with the Government’s long-term economic strategy and housing policies, as it will help ensure more housing is available for locals”.
Compliance with Pipa for trustees
The Personal Information Protection Act 2016, the island’s data protection legislation, applies to all organisations that use personal information in Bermuda.
M&A transactions under PIPA (Bermuda)
Mergers and business acquisitions are among the many different types of business transactions that require the disclosure and use of personal information between the prospective parties.
Cayman Court Grants Convening Order, Marking Key Step in Kaisa’s Recovery Plan
Distressed Chinese property developer Kaisa takes step forward in its recovery, as Cayman Courts continue to demonstrate the jurisdiction’s pro-active approach to cross-border restructurings. Though the Court’s approach to a scheme convening hearing is well-established, challenges from a small section of creditors remain a risk that cannot be ignored. What are the key factors in navigating the restructuring process, and what trends should we keep an eye on?
Court Ruling helps clarify Creditor Rights in the Cayman Islands
In a recent decision of the Cayman Islands Grand Court it was confirmed that the authority of the director signing a share transfer form, provided as part of the security package for an equitable share mortgage, should be assessed when the transfer was originally authorised and executed, rather than when dated at the time of enforcement. This recent court decision serves only to bolster the reputation of the Cayman Islands as a robust and creditor friendly jurisdiction, especially for sophisticated lenders. Whilst there are restructuring solutions for debtors, creditors have significant legal tools to enforce claims including a coherent, sensible, common law system. The helpful clarification in this recent case is further evidence of that.
In a judgment handed down by the Cayman Islands Grand Court on 3 April 2025, the Appleby Dispute Resolution team successfully obtained orders that the voluntary liquidations of two crypto companies (both part of the failed AXIA Group), be continued under the supervision of the Grand Court, on the basis that the supervision of the Court will facilitate a more effective, economic and expeditious liquidation of the companies, in the interests of stakeholders.
Bermuda: With everything growing, all of the ILS world will rise together
It’s been an exceptionally busy and record start to the year for the catastrophe bond sector, and with “everything happening” in the broader insurance-linked securities (ILS) and reinsurance markets, it’s all going to rise together, according to Brad Adderley, Bermuda Managing Partner at Appleby.
