Mirroring comments made by others in the sector, an article published by Standard & Poor’s Ratings Services notes that other jurisdictions are heavily competing with Bermuda for the lucrative insurance sector.
Although Bermuda remains an important player, insurers are also choosing Dublin, Dubai, Zurich, and Luxembourg.
Certainly these locations allow the insurers to be closer to their clients. They also say a lot about the cost and complexity of doing business in Bermuda these days.
The news would be a lot less worrisome if the Bermuda Government had any other reply than the “Bermuda is the gold standard” bluff.