Two Bermuda executives said yesterday their companies wouldn't be greatly impacted by a change in U.S. tax laws that Chubb insurance said it will fight for to eliminate an advantage held by Bermuda competitors.
But over the long term, one conceded the possibility that Bermuda advantages generally would begin to erode.
On Monday, during an earnings conference call, Chubb Vice Chair John Degnan said the Warren, N.J-based company was working with a coalition of U.S.-domiciled property-casualty companies to urge Congress to amend the U.S. tax code to eliminate situations where primary companies transact business on shore, then cede most of the premiums to affiliates in tax havens.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
