Building on Bermuda’s success

Bermuda’s Premier, The Hon David Burt, lays out why Bermuda pioneered the way in the captive insurance industry, and still leads the way.

Since the 1960s, Bermuda has pioneered the captive insurance industry. We have firmly established and upheld our Island as a leading financial centre and one of the top three global re/insurance hubs.

Our success is rooted in 400 years of political and economic stability, underpinned by a strong regulatory framework and a culture of innovation. The Bermuda Monetary Authority (BMA), our sole financial regulator, is internationally recognised for its consistent standards of excellence. It holds full equivalence under the EU’s Solvency II regime and achieved reciprocal status with the US National Association of Insurance Commissioners (NAIC).

These accolades affirm Bermuda’s commitment to maintaining the highest international standards, which continue to attract reputable companies to our shores.

A proactive approach

In recent years, Bermuda has demonstrated its agility and collaborative spirit in response to global challenges and changes. The swift introduction of our new Corporate Income Tax regime, effective from January 1, 2025, exemplifies our proactive approach.

This strength is further validated by recent affirmations of our credit ratings.

Developed through a transparent process, including multiple public consultations, this new tax framework aligns with the Organisation for Economic Co-operation and Development’s Global Minimum Tax requirements while ensuring Bermuda remains a premier international business jurisdiction.

Bermuda’s position as the world’s risk capital, particularly in property and casualty reinsurance, remains a cornerstone of our economy. The sector’s growth, alongside our burgeoning life re/insurance market, reflects Bermuda’s vital role in global risk management. This strength is further validated by recent affirmations of our credit ratings, with Moody’s and Standard & Poor’s recognising Bermuda’s strong institutional framework, fiscal discipline, and economic resilience.

Looking ahead, Bermuda continues to invest in its future, focusing on expanding and retaining international businesses, fostering innovation, and enhancing infrastructure. We remain focused on becoming the world’s climate risk capital as we know that Bermuda can play a central role in helping high-risk regions bolster their financial resilience to the rising tide of climate peril.

The government of Bermuda is committed to working with our industry partners to make doing business in Bermuda easier and more efficient and to supporting international businesses by facilitating an ecosystem that allows them to thrive.

Bermuda’s success is a testament to the power of collaboration between government, regulators, and industry. This collaborative spirit will be the key to Bermuda’s continued leadership in the re/insurance industry, driving our growth and resilience in an evolving global landscape.

Click here to read Captive International's Bermuda Focus 2024 publication.

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