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Bermuda Tempts Reinsurance Business From Ireland

by Amanda Banks, Tax-News.com, London

19 September 2012


The Bermuda government has welcomed the decision of reinsurance firm QBE to relocate the offices of its captive insurance entity, Equator Re, to Bermuda from Dublin.

Equator Re, whose parent QBE is ranked among the top 20 reinsurers globally, has had a small presence in Bermuda for several decades but has only recently decided to relocate the bulk of its operations to the island.

As the wholly-owned captive insurance arm of its parent, Equator Re provides reinsurance against QBE's significant portfolio, which recorded gross written premiums worth USD18.3bn in 2011.

Hailing QBE's decision to expand upon its Bermuda operations, the island's Minister of Economy, Trade and Industry, Patrice Minors stated: "We’re humbled that QBE has chosen to re-domicile this Equator Re in Bermuda. It’s a testament to hard work by many in government and the private sector that they’ve chosen to expand their Bermuda operations."

"Bermuda remains a highly competitive, well regulated jurisdiction that is holding and attracting the world’s top reinsurers. We welcome Equator Re to Bermuda and look forward to working with them for years to come."

While acknowledging that economic conditions remain tough, the government highlighted that QBE's decision and a recent statement from Fitch Ratings backing Bermuda's regulatory regime attested to the territory's strong financial services credentials and its ability to attract significant entities to the island.

A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
TAGS: law | insurance | international financial centres (IFC) | Bermuda | offshore | captive insurance | regulation | services

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