Bermuda Focus: An Exceptional Island

Bermuda brings to mind images of pretty pink sand beaches and beautiful blue seas. Its financial services industry prides itself on being one of the more developed jurisdictions in the region compared to its Caribbean peers. Bermuda has perhaps the largest and most sophisticated asset servicing ecosystem. It offers an infrastructure that is unsurpassed in the offshore world (both in the Caribbean and globally), with established and knowledgeable industry service providers.

A clear differentiator for Bermuda in the asset management space is its nexus to the insurance industry and the jurisdiction’s dominance in servicing insurance-linked securities (ILS) structures. With this in mind, there is much to play for in Bermuda, and experts say its financial services industry is only going to continue to grow. And, while the island’s trust business is stable, there is real positivity in other markets such as insurance and reinsurance, which are well positioned to take advantage of the hardening market conditions.

There have also been a number of recent mergers of insurance managers which have created larger firms and more competitive pricing as a result.

Its asset servicing industry’s Q1 results have revealed a steady flow of registrations for holding companies, investment partnerships and insurance entities. Industry players in Bermuda are excited for the future of its financial services industry and say technology will be key as it will open the doors to many opportunities.

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