Bermuda's advantage as a tax haven is the biggest factor that makes it large on the insurance map, and it's likely to stay in place for now, analysts at Fitch Ratings said yesterday.
The rating agency presented its conclusion--along with the finding that Bermuda insurers have paid income taxes at a rate roughly 15 points lower than the rate for U.S. companies--in a just-published report on the market.
During a conference call, Mark Rouck, a Chicago-based Fitch analyst and lead author of the report, "Bermuda Market Overview," said that Bermuda companies face challenges similar to those being experienced by counterparts in the North American and global insurance reinsurance markets, with a few unique twists, including a challenge to its tax advantage.
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