 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Bermudan Insurance Sector Retains Strength In Downturn |
by Phillip Morton, Investors Offshore.com
Friday, February 19, 2010
The Bermuda Monetary Authority has reported that the Bermuda insurance market
continued to record strong performance, against the backdrop of a prolonged soft
market and the effects of the worst financial crisis in a generation.
Latest available figures show that Bermuda’s insurers had aggregate total
assets of USD472.9bn, which represents a 7% increase over the USD442.2bn achieved
the previous year. Gross premiums written totaled USD123.5bn, achieving the
similar volume of business of USD124.4bn written the previous year, despite
the challenging economic conditions. Of that total, the commercial sector wrote
USD103.4bn in gross premiums written. Bermuda’s captive sector also maintained
significant results, reporting USD19.6bn in gross premiums written.
Jeremy Cox, CEO of the Authority, said: “We’re pleased to see that
the commercial sector remains strong. In addition, the almost USD20bn
in gross premiums written by the captive sector in a soft global market, and
the total number of 885 Bermuda captives, supports Bermuda’s position
as the leader among captive domiciles.”
“While some companies did experience losses over the past year impacting
capital levels, the market still remains highly capitalized and these losses
were primarily related to impairments within their investment portfolios, in
line with global trends.”
“Overall, these results indicate the continued resilience of the Bermuda
market, and ongoing confidence in Bermuda’s position as a leading center
for insurance and reinsurance business globally.”
Incorporations increased slightly during 2009: a total of 42 new (re)insurers
were established in the Bermuda market during the year, as compared to 40 in
2008. Most of the new market entrants for 2009 were a combination of captive
and commercial insurers within the Class 3, 3A and 3B sectors. The companies
covered various lines of business, including property and catastrophe and professional
liability; there was also increased interest from the life insurance sector,
which in turn brought increased assets and new capital to the market. The greatest
proportion of business came from the US during the year, with respect to both
the captive and commercial markets.
Concluding, Cox added: “We are pleased to see that Bermuda continues to attract high-quality
business, looking for experienced business support in a well-regulated environment.
In addition, the continued disciplined underwriting by Bermuda firms
throughout the year, as well as the Authority’s proactive and measured
approach to supervision, has assisted the jurisdiction in weathering a tough
financial storm.”
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 http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
