Pharma giant forms Bermudian captive
A global pharmaceutical company has formed a captive insurance company in Bermuda.
The Bermuda Monetary Authority stated that Daiichi Sankyo, the second-largest pharma company in Japan, which owns the American biotechnology company Plexxikon, has registered Daiichi Sankyo Reinsurance Ltd as a Class 1 insurer.
Bermuda is home to more than 700 captive insurers.
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