Bermuda warned over tax status squeeze for reinsurers

Mark Battersby
clock • 2 min read

Bermuda's advantageous tax status for the re-insurance industry will be "reduced at the margin" and the "long term implications remain to be seen" says ratings agency Fitch, following the implementation of the recent OECD multilateral agreement to establish a 15% global minimum tax rate. The overall benefits of maintaining a Bermuda market domicile and operations will likely endure, but the net profitability gap between Bermuda and non-Bermuda incorporated companies is expected to narrow over time, it said. Fitch said it does not expect to take any near-term rating actions on its univ...

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