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Future Bright For Bermuda As Another Insurer Relocates

by Amanda Banks,, 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 and a description of the report can be seen at
TAGS: tax | business | Ireland | law | insurance | international financial centres (IFC) | Bermuda | offshore | captive insurance

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