HAMILTON, BERMUDA–Bermuda faces a number of threats to its supremacy as a global insurance center, including a potentially "catastrophic" challenge to its relative tax advantage, the U.S. consul general warned in a speech here.
Gregory Slayton, speaking yesterday morning before a Professional Liability Underwriting Society conference here, also said the island needs to upgrade its regulatory and public school systems, going so far as to predict that unless problems in local education are corrected, the "social cohesion" of Bermuda could be at risk down the road.
On the tax controversy–fueled by complaints from a number of U.S. carriers, most vocally by W.R. Berkley Group–Mr. Slayton said that "Congress is asking why this business isn't back in the United States." He noted that one reason for the migration of risks to the Bermuda market is the island's tax advantages.
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