In November 2015, Bermuda was awarded full equivalence under the EU’s Solvency II directive, which gives its firms a “passport” to sell directly into Europe.

Since January 1 this year, the Bermuda Monetary Authority has implemented the Basel II regime for banking, which requires financial institutions to maintain enough cash reserves to cover risks incurred by operations.

According to Timothy Faries, Bermuda Managing Partner, the offshore law firm, the reputation of those sectors has created a “snowball effect”. “Not only do you have the actual market here but also the capital, the decision makers who can do deals, as well as the support infrastructure,” he says. “You have got lawyers, you have got regulations, and you have got the accountants, auditors, and actuaries: you have everything here.”

Asset Management businesses are coming to Bermuda, including private equity, hedge funds, mutual funds, as well as investment management services firms. Bermuda is also home to private client firms such as family offices.

Added to its solid regulatory approach are relative economic and political stability; it has a legal system based on English Common Law and a neutral location within which to structure transactions. Travellers to the US can pre-clear customs in Bermuda and so enter America as a domestic arrival.

Read More

Twitter LinkedIn Email Save as PDF
More Publications
1 Sep 2021 |

Changes to rules on Permanent Residency Certificates

The Ministry of Labour has recently issued a policy paper, ‘Securing Permanency for Long-Term Resi...

26 Aug 2021 |

What to remember when an employee leaves

Just as when a new recruit is on-boarded, there are a variety of tasks an employer needs to deal wit...

23 Aug 2021 |

BMA seeks more seamless marketplace with ILS process enhancements

Recent changes made by the Bermuda Monetary Authority (BMA) to improve processes specific for catast...

17 Aug 2021 |

ILS Bermuda Executive Roundtable 2021

Despite the impacts of the Covid-19 pandemic and subsequent restrictions on travel and face-to-face ...

13 Aug 2021 |

A digital asset future: closer than we think

Most of us at some point in our lives have participated in a rewards programme either at our favouri...

26 Jul 2021 |

What not to forget when an employee leaves

There are many practical and ‘housekeeping’ matters that employers need to deal with when an emp...

Contributors: Jordan Knight
23 Jul 2021 |

Contributed surplus: it’s not capital!

Last week, in part one, we discussed the meaning of share premium, the various ways a company may us...

16 Jul 2021 |

Share premium: do you have it?

When the issuance of shares by a company is discussed, the first thought that comes to mind is the s...

2 Jul 2021 |

No question you’ll see more life reinsurers in Bermuda

While the emergence of property and casualty (P&C) startups in Bermuda is likely to be muted in ...

2 Jul 2021 |

Bermuda: An introduction to Dispute Resolution

This edition discusses Current Economic Conditions and Dispute Resolution Activity, Trends & Dev...

Contributors: Jordan Knight