Bermuda is already home to some major industry players, and now
it can become a bigger international re/insurance hub due to the
UK's impending exit from the European Union (EU), one expert
Chris Garrod, a director in the corporate department at law firm
Conyers Dill & Pearman, told the Bermudan newspaper Royal
Gazette that UK insurers are looking to join the list of
companies domiciled in the British island territory.
"As a result of the volatility caused by the Brexit vote,
we are already starting to see some increasing interest from
insurers with UK/Lloyd's operations who are seeking to set up
operations here and write new business from the island, setting up
offices here and hiring staff," Garrod, a member of the
Bermudan firm's insurance practice, told the paper.
Garrod was also quoted in the report as saying that Bermuda
"will become an even greater, accessible rival reinsurance hub
than ever before, attractive to capital markets and
He said an upheaval in the reinsurance market can be expected,
with many raising concerns over increasing regulatory and
"When the UK does eventually exit the EU, there will be
queries over London's future as a global centre for the
industry, with re-domestication being one of the avenues many
businesses may now investigate," the Royal Gazette
quoted him as saying.
Garrod noted that Bermuda is on a level playing field with
European competitors since it already gained Solvency II
equivalence in the EU.
The Brexit move has fuelled speculations of an exodus of
insurance and financial companies from the UK. Just last week,
accountancy firm KPMG reported that 76% of British CEOs are
considering moving their businesses.
Lloyd's of London chairman John Nelson also previously said
that the specialist insurance market would set up another shop
elsewhere in the EU, though he claimed that Lloyd's will still
be "centred" on the UK capital.
Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
The Panamanian Law 52 of October 27, 2016 (the "Law"), which relates to accounting records and the annual franchise tax of Panamanian entities (corporations and foundations), came into effect on 1 January 2017.
Following the successful introduction of ‘failure to prevent' offences in the areas of bribery and tax evasion, the UK government is priming another possible corporate offence with a call for evidence launched on 13 January 2017, to end on 24 March 2017, on ‘corporate liability for economic crime'.
In many of my writings I try to bring together my fascination for history with my professional and academic interest in the law.
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