Law Firm Directory

Browse all firms with extended profiles for Bermuda

Legal Market Overview

Belying its size, the ‘world’s risk capital‘ has one of the highest per capita income rates and an A+ long-term issuer rating (KBRA) driven by its buoyant offshore financial services, insurance and reinsurance sectors. It is in the latter two industries where the jurisdiction most conspicuously thrives. Following a decades-long history of regulatory innovation, Bermuda is now the world’s second and third largest centre for captive insurance and reinsurance domiciliation, respectively – as well as the greatest supplier of catastrophe reinsurance coverage to US insurers.

While tourism previously accounted for more than a quarter of the archipelago’s GDP, the pandemic had a predictably devastating effect on visitor numbers. With many of its Caribbean neighbours having already relaxed entry requirements in line with broader global trends in Covid-19 management, Bermuda joined them at the end of October 2022; pre-travel tests will no longer be mandatory. This will come as a relief with rebounding income from tourism expected to shore up the revenue gulf created by the withdrawal of Russian aircraft certification work.