Major US insurance firm White Mountains Insurance Group Limited which established a presence in Bermuda in 1999 is planning to move as many as four more subsidiaries to the island the Royal Gazette reported last week.
"We are actually in the middle of a transaction that, if we were to complete it, we would pull significant parts of our infrastructure here to Bermuda," White Mountains Chairman Jack Byrne told the Gazette, adding that the expansion will bring 100 more employees to the island.
"We moved to Bermuda from the US in 1999 and have been gradually building our presence in Bermuda. This is just one of the building blocks and we see it as a continuation of the process of moving presence to Bermuda more and more," he explained.
At the same time as Byrne's announcement, White Mountains launched a secondary listing on the Bermuda Stock Exchange which the chairman noted was a "further demonstration" of how the company has committed its future to Bermuda.
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