ABIR’s Huff: Collaboration gives Bermuda the edge in reinsurance

John Huff, president and CEO of the Association of Bermuda Insurers & Reinsurers (ABIR), has said collaboration between government, the industry and the regulator gives the island an advantage over other reinsurance jurisdictions.

Speaking to The Insurer TV during the Rendez-Vous de Septembre in Monte Carlo, Huff called this relationship the “Bermuda triangle” and described it as “the beauty of Bermuda”.

“We're so proud of the Bermuda Monetary Authority, [it’s a] really world-class regulator/supervisor.

“They're very active in the International Association of Insurance Supervisors and very well-respected,” he continued.

“The industry has made sure that they have top talent [in Bermuda] and made sure they're properly funded but that trio of working together to advance the jurisdiction has worked in many instances.”

Huff also discussed the upcoming introduction of a 15 percent corporate income tax in Bermuda. The measures, which take effect from 1 January 2025, apply to Bermuda businesses that form part of multinational enterprise groups that generate revenue of €750mn or more.

“I think it will be very manageable and, most importantly, that's what the analysts think as well,” Huff said.

He added the ABIR had stood “arm-in-arm” with the Premier of Bermuda to get the Corporate Income Tax Act passed, describing this development as “very important for our member companies”.

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