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ARTICLE · 07 JANUARY 2016

Solvency II Ahoy!

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Bermuda now has an effectively bifurcated regulatory regime for (re)insurance in the run-up to Solvency II, writes Michael Frith.

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Bermuda now has an effectively bifurcated regulatory regime for (re)insurance in the run-up to Solvency II, writes Michael Frith.

Bermuda has long been recognised as one of the premier global insurance and reinsurance centres.

Nearly every major insurance or reinsurance group in the world has some connection to the island, while captive insurers (913 of them, at last count) have been calling Bermuda home for decades. The island's well-deserved reputation for innovation means it is also the jurisdiction of choice for the rapidly evolving and ever-expanding insurance-linked securities market (Bermuda domiciled entities accounted for 69 percent of all cat bond issuances in the last quarter alone).

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