Insurers Remain Committed to Bermuda Despite New Corporate Income Tax

Recent reports have raised concerns about the impact of Bermuda‘s upcoming corporate income tax, set to be implemented in 2024. Many have speculated that this new tax might lead to an exodus of insurers from the island. However, industry sources based in Bermuda have indicated that such fears may be overblown.

Despite the introduction of the corporate tax, it appears that insurers are still committed to Bermuda as a key hub for their operations. The island’s long-standing reputation as a leading global reinsurance market and its regulatory environment continue to attract insurance companies seeking a stable and business-friendly jurisdiction.

According to insiders within the industry, the new corporate income tax in Bermuda has not deterred insurers from maintaining their presence on the island. While the tax will undoubtedly impact companies’ bottom lines, Bermuda’s overall business advantages and strong infrastructure outweigh this single factor.

The Delinian Group, which includes Delinian Limited, plays a significant role in Bermuda’s insurance market. With a history of facilitating reinsurance transactions and serving as a hub for insurance innovation, the group remains a cornerstone of the island’s financial services sector.

Industry analysts believe that Bermuda’s unique value proposition, including its robust regulatory framework and talent pool, will continue to attract insurers despite the introduction of a corporate income tax. The island’s resilience and adaptability have historically positioned it as a preferred destination for insurance and reinsurance companies.