Like other captive havens worldwide, Bermuda is feeling the effects of the financial crisis as well as added competition as new domiciles spring up. But regulatory changes are being made in an attempt to draw additional formations, as the island continues to adapt to the latest challenges facing the alternative markets.
Indeed, Bermuda has been actively working to attract catastrophe-related captive formations, according to William Dubinsky, a director with Swiss Re in New York. One such initiative, he noted, is new regulations for special-purpose vehicles.
Mr. Dubinsky–who is part of an advisory group working with the Bermuda Monetary Authority on SPVs–said a number of these types of captives have been launched in other domiciles, including the Cayman Islands.
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