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Bermuda Welcomes Significant New Reinsurer

by Jason Gorringe, Tax-News.com, London

10 April 2012


The Bermuda government has welcomed the news that a new reinsurance entity will set up shop in Bermuda from June 1, 2012, as part of a joint venture between Validus Group and hedge fund manager John Paulson.

The joint venture between Validus and Paulson has a contributed capital of USD500m. Validus will underwrite business for the new entity, PaCRe Ltd, and receive commission in return. The entity has been approved as a new Bermuda Class 4 reinsurer, which will focus on underwriting top layer reinsurance programs with a long-term approach to asset management.

The Bermuda government welcomed the commitment as a vote of confidence in Bermuda, and its offering as a very attractive jurisdiction for international business.

TAGS: tax | business | financial services | insurance | international financial centres (IFC) | Bermuda | offshore | services

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