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Member companies of the Association of Bermuda Insurers and Reinsurers employ nearly 16, people in Europe and operate in 20 EU member states.
The information is highlighted in a release from Abir, based on its annual economic impact survey.
The top five jurisdictions with the most employees were the UK, with 9,; France, with 1,; Ireland, with 1,; Germany, with ; and Poland, with Additionally, in Switzerland Abir companies employ 1, people. BMA supervisors are internationally respected and regularly hold supervisory colleges with international peers, including those from EU member states and the European Insurance and Occupational Pensions Authority Eiopa.
The US credit rating agency added that it expected the tax reforms, which will take effect from January 1, to benefit US reinsurers at the expense of Bermudian and other international reinsurers serving the US.
Nonetheless, the US continues to be their most important market. Significant declines in business or earnings could prompt negative rating actions. Bermuda does not have a corporate income tax but most Bermuda reinsurers pay income and other taxes given their international operations.
Notably, they pay a US excise tax on premium payments from the US to offshore affiliates that is currently 4 per cent on direct premiums and 1 per cent on reinsurance premiums.
The added Beat will be at a significantly higher rate: Any reduction in supply of reinsurance capacity from Bermuda following the US tax changes is likely to drive global reinsurance premium rates up.
Bermuda-based reinsurers are weighing restructuring options in response to US tax reform legislation that could be signed by President Donald Trump as early as this week and come into effect by the start of next year.
However, judging from conversations with clients, he views a mass exodus of jobs from the island as unlikely.
But perhaps the biggest direct impact for the island will come from the Base Erosion and Anti-Abuse Tax, known as Beat.
It will hit Bermudian insurance groups with US subsidiaries, which cede premiums to their affiliated reinsurers in Bermuda, by effectively levying a 10 per cent tax on the transaction, rising to Mr McCallum told a business audience, which included John Rankin, the Governor, and Wayne Furbert, the Junior Minister of Finance, that his impacted clients in the insurance industry had been working on their restructuring options.
He said Beat would effectively be a gross tax with no apparent deductibles. For the first taxable year, the rate will be a reduced 5 per cent.
Mr McCallum explained that many US subsidiaries of Bermudian insurance groups used quota-share reinsurance contracts with their parent companies, to transfer substantial amounts of risk from the US to the Bermuda balance sheet. Much of the premium goes back to the US in the form of ceding commissions and claims, Mr McCallum said.
And he added that the diversification of global risk and scale of the Bermuda balance sheet was what allowed Bermudian insurance groups to take on so much American risk.
It will mean that some capital will have to be relocated to the US to satisfy the regulators. But the bottom line is that there may not be much change in Bermuda. Also, Beat would not apply to third-party business from the US.
This is truly a blow to consumers and business, particularly those in Florida, Texas, California, South Carolina, Louisiana and other disaster-prone states who rely on this capacity in times of catastrophe.
The only winner under the double-taxation that will result from Beat is a group of highly successful domestic insurance companies who stand to benefit greatly from the market distortion this provision will trigger.
CCIR welcomes continued dialogue on this issue. Although our ratings are supported by robust capital adequacy levels, we would consider a reinsurer that incurs large losses that translate into capital erosion as an outlier that could be subject to a negative rating action.
This included most of the flood damage and much of the devastation in the Caribbean. Increases in global reinsurance prices are less certain. This requirement means that the insurance business of commercial insurers Classes 3A, 3B, 4, C, D and E insurers must be directed and managed from Bermuda.
In relation to commercial insurers, the BMA further measures compliance with the insurance framework by taking into consideration various factors to ensure that it can exercise sufficient regulatory oversight over the business to be carried on in Bermuda.
In this regard, the BMA has effected the requirement for commercial insurers licensed in Bermuda to establish their head office in Bermuda.
In determining whether an insurer has complied with the head office requirement, the BMA will consider, among other things, the following factors in order to ascertain whether the insurance business of the insurer is directed and managed from Bermuda: The BMA will apply the proportionality principle when it considers the above factors in determining whether the insurer, based on the nature, scale and complexity of its business, has met the head office requirement.Updated world stock indexes.
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The firm was founded on March 24, MetLife ranked No.
43 in the Fortune list of the largest. Home Office: One Nationwide Plaza, Columbus, OH. Nationwide, the Nationwide N and Eagle and other marks displayed on this page are service marks of Nationwide Mutual Insurance Company, unless otherwise disclosed.
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