Bermuda news: 71 insurance companies started this year

A number of articles in the Royal Gazette look at Bermuda’s (FSI rank: 14) insurance industry.

Despite a report which says that profit margins will come under pressure in 2014, the reinsurance industry in Bermuda continues to grow, with 71 new companies being registered in 2013 so far.

In the meantime, five executives working in Bermuda’s captive insurance industry have made a global “Power 50” list published by “Captive Review” magazine. The article notes that “Bermuda is the largest domicile for captive insurance companies, with more than 860 registered on the Island of the more than 5,700 total worldwide.” The highest ranked Bermuda executive is described as “a global captive management leader” personally managing “in excess of 1,200 captives and 550 cells in over 30 locations worldwide”.

Finally, PWC has announced its sixth annual captive insurance seminar which will look at “changes in accounting rules, tax and regulatory matters affecting the captive insurance sector.”

A seminar panel will cover “the US Foreign Account Tax Compliance Act (FATCA) and its impact on the captives sector and other updates on the US tax code and market trends.”

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