In Bermuda’s House of Assembly, the Premier and Minister of Finance Paula Cox sought to allay fears that the Cayman Islands’ proposals to diversify to attract insurance companies, could present a challenge to Bermuda’s position as the world-leading domicile for (re)insurance entities. She said that provided the country remains focused on its collaboration with its business partners and enhanced Bermuda’s enviable reputation by strengthening relationships with the European Union, UK and US jurisdictions, strengthening Bermuda’s regulations to satisfy the global regulatory agencies, and enacting business-friendly legislation, it is unlikely that the Cayman Islands’ initiative will represent a serious threat to Bermuda’s existing reinsurance market in the short term.

The strength of Bermuda’s international relationships is with organisations that shape the future course of the reinsurance industry, specifically the International Association of Insurance Supervisors, the European Insurance and Occupational Pensions Authority, and the National Association of Insurance Commissioners reflects Bermuda’s credibility.