Bermuda Insurance Management Association is an association of professional insurance managers in Bermuda.

Bermuda Insurance Management Association is an association of professional insurance managers in Bermuda.

Why Bermuda

Why Bermuda?

  • Largest captive domicile
  • Robust yet flexible regulatory environment
  • 3rd largest insurance centre worldwide
  • Blue chip offshore financial centre
  • One stop shop – access to insurance and reinsurance markets
  • Professional infrastructure
  • Legal System
  • Quality of workplace and Key geographical location
  • Tax neutrality and Tax Exchange Agreements

Bermuda remains the largest captive domicile in the world with over 800 registered captives. As it has been for the last 30+years the island is committed to being at the forefront of innovation while ensuring that Bermuda continues to be regarded as a reputable and respected jurisdiction for the conduct of international business.

Companies incorporate in Bermuda for a variety of reasons particular to their own set of circumstances. Regardless of the line of business, however, Bermuda offers a package of benefits that is second to none among the world’s business jurisdictions. They include but is not limited to:

    1. 1. Robust yet flexible regulatory environment:
      • BMA is a risk-based regulator
      • Flexible but realistic regulation.
      • Close cooperation between public and private sectors.
      • Level of regulatory involvement commensurate with captive industry.

      Refer to the Regulatory Website:  www.bma.bm

    2. 2. 3rd largest insurance centre worldwide/ One stop shop – access to insurance and reinsurance markets:

      Bermuda is acknowledged as a key participant in the global insurance and reinsurance markets. The significant number of companies with their head office in Bermuda confirms the Island as a major insurance and reinsurance center. The number of Bermuda companies with secure financial strength ratings continues to grow, further confirming the strength of the Bermuda Market. Bermuda is also home to a number of subsidiaries of global insurance and reinsurance companies.

      Refer to www.bermuda-insurance.org

    1. 3. Blue chip offshore financial centre.

      Blue chip financial security, clean unencumbered capital and the availability of a wide range of quality insurance products only partly help explain why insurance business is Bermuda’s business.Refer to www.bermuda-insurance.org

    1. 4. Professional infrastructure:

      Access to on Island Insurance and Reinsurance Expertise.Access to First Class Accountants, Auditors, Lawyers, Bankers, Actuaries, etc
      For all service providers involved in captives please refer to the this chart.

    1. 5. Legal System:

      Bermuda’s legal system is based on English common law. We have ample and effective public legislation, plus we have preserved the right of clients to petition the Bermuda Parliament for the enactment of special legislation in favour of client companies or groups. We have a Commerical Court for the resolution of commercial disputes, and a Court of Appeal that sits on several occasions annually. There is a final right of appeal to the Judicial Committee of the Privy Council in the United Kingdom.

    1. 6. Quality of workplace and Key geographical location:
      • A long history of political, economic and social stability.
      • Bermuda has daily flights to and from major North American business centers.
      • Our Time Zone is one hour ahead of Eastern Standard Time and four hours behind Greenwich Mean Time, facilitates face-to-face meetings and conference calls
      • Beautiful beaches, golf courses and world class hotels, conference facilities and restaurants provide the ideal locale for board and management meetings.

      Refer to www.bermuda.com

  1. 7. Tax neutrality and Tax Information Exchange Agreements:

    Bermuda does not levy taxes on income or capital gains. A certificate, issued by the Ministry of Finance, currently extends the no-tax guarantee to the year 2032.Tax Information Exchange Agreements:The purpose of this Agreement is to promote international co-operation in tax matters through exchange of information. It was developed by the OECD Global Forum Working Group on Effective Exchange of Information (“the Working Group”). The Working Group consisted of representatives from OECD Member countries as well as delegates from Aruba, Bermuda, Bahrain, Cayman Islands, Cyprus, Isle of Man, Malta, Mauritius, the Netherlands Antilles, the Seychelles and San Marino.

    Bermuda has signed Bermuda has signed 38 agreements (3 DTC and 35 TIEA agreements) providing for the exchange of information.

    Full available on www.eoi-tax.org

    For more information please refer to oecd.org

For a detailed review of Why Bermuda please read the information on
bermuda-insurance.org