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Reinsurers are increasingly looking to find a home in Europe as companies remain concerned about Bermuda's status with regard to tax legislation in the United States, according to Standard and Poor's.
Bermuda and Europe continue to vie for the top spot for reinsurance domiciles. Bermuda's tax system, closeness to the U.S. and favorable regulatory system has made it the country of choice since the late 1990s. However, changes in Bermuda's tax rules could scare off some companies from settling on the island.
"Changes in the U.S. rules regarding taxation of U.S.-sourced business going to Bermuda and other low-tax domiciles in the coming years remain a possibility," said S&P in a report, "Choosing a Domicile Remains a Hot Topic for Global Reinsurers."
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