Bradley Kading, president and executive director of Association of Bermuda Insurers and Reinsurers (ABIR) insists that Bermuda will remain unaffected by the UK vote to leave the EU.
Last year Bermuda became Solvency II equivalent, meaning full equivalence for Bermuda reinsurers licensed as class 3A, 3B, 4, class C, class D and class E reinsurers, insurers and Bermuda insurance groups, however, captives and special purpose insurers were not included.
Kading commented: “ABIR has excellent relationships with both UK and EU policymakers and regulators. ABIR members provide vital insurance capacity that makes UK and EU insurance markets more competitive.”
According to Ross Webber, CEO of the Bermuda Business Development Agency (BDA), the captive insurance industry around the world will closely monitor how Brexit will affect markets and business landscapes of the EU, Britain and its trade partners.
After the UK voted to leave the EU, there has been much speculation of the next steps and how processes will be carried out.
Webber said: “In a global economy, Bermuda is affected, like other nations, by such major events. We stand ready to deal with myriad eventualities. No matter how the exit unfolds, we remind our business partners in the UK that Bermuda continues to offer the same stable, attractive, effective and proven blue-chip international business domicile as it has for the past 70-plus years.”
