At a conference last week the chairman of Bermuda insurer Flagstone said it would not surprise him if most Bermuda insurers moved their holding companies elsewhere over the next few years.
At the same time, Brad Kading, president of the Association of Bermuda Insurers and Reinsurers, said there are several reasons why companies might be looking to restructure. These included:
- US tax policy
- The EU’s Solvency II
- Bermuda political issues (!!!!!!)
And badoom, this morning Flagstone announced it will move its holding company from Bermuda to Luxembourg.
There have been a multitude of warnings from Bermuda’s Alphabet Groups that all is not well. Perhaps the Bermuda Government should listen a little more carefully.
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