Legal Market Overview
Bermuda’s economy is dominated by international business, particularly in the insurance and financial services sectors, and the jurisdiction has continued to attract insurance-linked fund formations as well as funds investing in insurtech products and blockchain technologies. Opening up the Bermudian market to investments in cannabis-related industries has also invited notable interest.
The territory is also well known for asset-backed securitisation transactions, particularly relating to aviation and shipping, and insurance securitisations through catastrophe bonds; the leading legal practices have also recently advised on new international debt listings.
Bermuda’s law firms have also been advising on the impact of Bermuda’s economic substance legislation, which was introduced further to the EU Council’s Code of Conduct business taxation resolution. The Bermudian legislation became operative in 2019 and requires entities that conduct specific types of business to demonstrate adequate economic substance in the jurisdiction.
Notable legal market news saw Walkers grow its presence with the recruitment of both Sarah Demerling from offshore fiduciary and administration services provider, Estera, and insurance and reinsurance law specialist Peter Dunlop from ASW Law Limited, while former partner Ariane West left for Nephila Climate, where she is director of structured finance.
Further to its 2017 launch in the jurisdiction, Carey Olsen has also made further significant hires in Bermuda including corporate law specialist Gavin Woods.
Appleby recently launched Appleby Global Services, a provider of administration, reporting and fiduciary services; former funds and investment services leader in Bermuda, Tonesan Amissah, is Bermudian managing director.