The paradise of the Bermuda Islands, 650 miles off the Carolina coast, is a leading and well respected financial centre for international business. It is the world’s leading captive insurance domicile. And well it should be. Captive insurance was pioneered in Bermuda in the late sixties and seventies.
Not only are there far more captives in Bermuda than in any other jurisdiction, the Island leads the way in captive expertise and management. Between bankers, captive management, legal and accounting firms, there are more professionals helping corporations with their captive requirements than there are captives in most competing domiciles.
Captive buyers like the fact, too, that unlike others, Bermuda is also an insurance and reinsurance domicile. It is home to more than 1,600 registered (re)insurers. It’s not just the leader in captives, but a key and strategic provider of insurance products to large, global industrial and financial corporations. It also is one of the top reinsurance markets in the world.
The Island enjoys one of the highest standards of living and is recognised for outstanding economic growth. Bermuda is not just about good business. Tourism is second only to international business as a foreign exchange earner for the Island.
Bermuda’s sophisticated workforce and infrastructure, state of the art communications, ease of access, its political and economic stability, as well as its spectacular beaches and golf courses, all combine to make Bermuda an attractive choice for both business and pleasure.
The Spanish seaman, Juan de Bermudez, first sighted Bermuda sometime before 1511, but it was not until the shipwreck of the Sea Venture, bound for Virginia from England, in 1609 that the Island was first settled.
The new settlers arrived from England in 1612, and established the Island’s first capital, the Town of St. George. A House of Assembly, giving the Island some measure of internal self-government, was formed in 1620. The building of Hamilton, now the Island’s capital and business centre began in 1792.
Bermuda has a remarkably mild climate that seldom sees extremes of either hot or cold. The hottest part of the year is between May and mid-October, when temperatures range from 75°F to 85°F.
The currency is the Bermuda dollar, which is on par with the United States dollar, which is accepted currency.
Ease of Travel
Bermuda is well served by the world’s major airlines.
There are daily flights to and from major North American business centres, including New York, Toronto, Boston, Philadelphia and Atlanta. There are multiple flights weekly to and from London.