Our Scans · Bermuda · Weekly Summary

• [New] The Bermuda Monetary Authority has stated in its annual report that there are about another 100 companies licensed as small commercial insurers in Bermuda that might be classified as captives in other jurisdictions. Bermuda Captive Conference
• Bermuda: Starting in 2025, a corporate income tax of 15% will be imposed on Bermuda businesses that are part of multinational groups with annual revenue exceeding EUR 750 million. BDO Global
• Modeling will be complex, considering new tax laws like the global minimum tax, Bermuda corporate income tax, and the US corporate alternative minimum tax. Deloitte United States
• While Bermuda's core business remains focused on large and complex global programs, growth of segregated accounts (cell) business remains strong, targeting smaller clients and solutions for individual programs as opposed to portfolios of risk. WTW
• A tropical storm warning is in place for Puerto Rico and the U.S Virgin Islands, with the possibility that Fiona could eventually impact Bermuda or the East Coast of the U.S. Space
• Google's Nuvem subsea cable will connect Portugal, Bermuda and the East Coast of the United States. Bernews
• Bermuda re / insurers estimate that they will incur gross claim losses of more than $13 billion in payments to policyholders and cedants in the US to cover the damaging effects of Hurricane Ian. Bermuda Re/insurance
• The suspension of accreditation for Russian planes in Bermuda will impact the majority of aircraft flying for Russian airlines which are registered in the territory for tax purposes. CityAM
• The Government of Bermuda, through the Ministry of Finance will continue to collaborate with all stakeholders to ensure that Bermuda remains an effective and cooperative partner in addressing global tax matters. TR - Business South East Asia
• Panelists are expected to address why Japanese life insurers are increasingly seeking reinsurance opportunities in Bermuda, as well as how insurers are working to bridge the protection gap and optimize their asset and liability strategies. Insurance Business
• The Bermuda-based specialty insurer and reinsurer said it will phase out thermal coal business from its insurance, facultative reinsurance and investment portfolios by 2030 in the 38 countries that are part of the Organization for Economic Co-operation and Development (OECD), and the European Union. Insurance Journal
• Facultative reinsurance can help reduce the concentration of values by carving out high hazard areas and provide access to international markets like London and Bermuda. Insurance Business
• At the end of 2023, the government of Bermuda enacted its own corporate minimum tax for multinational groups operating in Bermuda that will take effect in 2025. Debevoise
• Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. Premia
• Florida Citizens has established a new Bermuda based vehicle named Lightning Re Ltd. that will be licensed as a special purpose insurer (SPI) for the issuance of catastrophe bonds. Artemis.bm
• Once the sale of Accredited is completed, R & Q will return to its original focus on legacy insurance acquisitions in Bermuda, Europe, the US and the UK. Insurance Journal
• Upon completion, R & Q will refocus as a legacy insurance business in Bermuda, Europe, the US and the UK. Insurance Age
• For three decades, the Bermuda market's risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Premia
• Lighter-touch regulations could potentially result in nearly 700 captive insurers either moving onshore, from jurisdictions such as Guernsey and Bermuda, or setting up in the UK. Insurance Business
• The House of Assembly will soon debate the Corporate Income Tax Act 2023 which will primarily affect reinsurers and other Bermuda businesses that are part of Multinational Enterprise Groups with annual revenues exceeding €750 million. Insurance Business
• Up to 3 inches of rain are forecast for Bermuda, and up to 5 inches for parts of New York, New England and Southeast Canada. Jamaica Observer
• Hurricane Franklin is producing significant surf and rip currents along the eastern seaboard of the US, with tropical storm conditions expected in Bermuda. iNews
• Bermuda has recovered well from the COVID-19 pandemic but faces uncertainty related to proposed changes in global corporate taxes that could have negative implications for its public finances. S&P Global Platts

Last updated: 17 June 2025