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Brexit: UK insurers eyeing Bermuda

Insurers in the UK are looking to set up in Bermuda as Britain pulls out the European Union, a top lawyer said yesterday.

Chris Garrod, a director in the corporate department at law firm Conyers Dill & Pearman, said: “As a result of the volatility caused by the Brexit vote, we are already starting to see some increasing interest from insurers with UK/Lloyd's operations who are seeking to set up operations here and write new business from the island, setting up offices here and hiring staff.”

Mr Garrod, a member of CD&P's insurance practice, added that, even before the Brexit vote, major Lloyd's syndicates like Brit Insurance, Novae Group, Neon Underwriting and Canopius had set up shop in Bermuda.

Mr Garrod said: “Lloyd's speculated recently that 4 per cent of its global gross written premium is likely to be affected by the Brexit vote.

“There is generally expected to be upheaval in the reinsurance market with many raising concerns over increasing regulatory and compliance burdens and, when the UK does eventually exit the EU, there will be queries over London's future as a global centre for the industry, with re-domestication being one of the avenues many businesses may now investigate.”

Mr Garrod added that Bermuda had already gained Solvency II equivalence in the EU, giving the island a level playing field with euro-based competition, while the US has granted qualified jurisdiction status.

And he said that Bermuda “will become an even greater, accessible rival reinsurance hub than ever before, attractive to capital markets and investors”.

Chris Garrod of CD&P

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Published October 06, 2016 at 9:00 am (Updated October 06, 2016 at 1:22 am)

Brexit: UK insurers eyeing Bermuda

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