CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Future Bright For Bermuda As Another Insurer Relocates

Future Bright For Bermuda As Another Insurer Relocates

by Amanda Banks, Tax-News.com, London

08 October 2012


Bermuda's Minister for the Economy, Trade and Industry Patrice Minors has welcomed an announcement from Bermuda-based MS Frontier that it plans to move its sister company, Mitsui Sumitomo Reinsurance Limited, from Dublin, Ireland, to Bermuda - the second such an announcement within a month.

This latest announcement follows the news late last month that QBE, an Australian-based global insurance and reinsurance company has decided to move its wholly-owned captive re-insurer, Equator Reinsurances Ltd, from Ireland to Bermuda.

Combined with major new investments announced recently by the Green Family, which provides scholarships to Bermudians, and business services firm LINK Bermuda, Minors said that business is showing "confidence in our economic future".

“That’s not all. Last month, Equator Reinsurances Ltd announced that it was setting up a physical presence in Bermuda as a result of their decision to relocate its Dublin-based operations," she added. "They announced jobs for Bermudians and new guest workers coming to our Island to invest in our businesses and our people."

“We also saw a 6.2% bump in retail sales in July," she continued. "We saw four new small, Bermudian-owned businesses open in St. George’s, and, now we’re pleased to welcome the new jobs and an expanded office of MS Frontier."

"While we recognize that there’s still some significant work to be done regarding continuous economic growth, we see these announcements and developments as clear indicators that there is light at the end of the tunnel - and in that regard Bermudians should feel optimistic about Bermuda’s economic future,” Minors concluded.

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: tax | business | Ireland | law | insurance | international financial centres (IFC) | Bermuda | offshore | captive insurance

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »