David Burt, premier and minister of finance of Bermuda, is set to visit Europe to advance Bermudian interests and strengthen relations with European partners, and amidst scrutiny on the island nation’s booming re/insurance sector.
The agenda includes meetings with regulators and government officials in Ireland, as well as a speaking engagement at the European Insurance Forum in Dublin.
“Bermuda is the world’s risk capital, with a vibrant re/insurance industry that provides essential protection to businesses and communities around the world,” Burt said.
The premier also emphasized Bermuda’s position as a compliant and transparent partner to the European Union in financial services. “This government is committed to maintaining equivalence with European standards and to creating a business environment that allows our industry to thrive, innovate and address the risks of tomorrow,” Burt said.
Between 2016 and 2024, Bermuda insurers and reinsurers paid $81 billion in general business and life claims to policyholders in the European Union. The industry also generated approximately 9,800 jobs in the EU and Britain during that period.
Burt’s visit comes as Bermuda’s reinsurance sector faces increased attention from international regulators. The Bank of England has initiated a regulatory review of offshore reinsurance arrangements, with a particular focus on Bermuda’s role in risk transfer and capital adequacy for UK insurers.
The outcome of this review could lead to changes in how reinsurance agreements with Bermuda-based reinsurers are regulated.
Despite the heightened scrutiny, Bermuda highlighted that its reinsurance sector continues to demonstrate resilience and global relevance. A recent stress test by the Bermuda Monetary Authority found that the island’s reinsurers are adequately capitalized, even under severe adverse scenarios.
The Monetary Authority emphasized that maintaining robust capital standards is essential to Bermuda’s reputation as a leading reinsurance hub, particularly in catastrophe risk and specialty lines.
The government has also introduced a new tax credit plan for the reinsurance sector, designed to support continued investment and align with global minimum tax standards.
Following his engagements in Ireland, Burt will travel to Brussels and Paris for further meetings focused on insurance, digital assets, and international taxation.
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