S&P Finds Bermuda Insurers Face Rising Competition

Standard & Poor’s Ratings Services has published an article which states that Bermuda-domiciled insurance companies will face increasing competition from other regions of the world.

The article – “Competing Insurance Domiciles Are Closing The Gap With Bermuda -” notes that, “although Bermuda has been the undisputed insurer capital for startups and re-domestications in the past decade, other regions have learned from Bermuda’s success story, and the signs are that Bermuda won’t dominate the industry over the next decade.”

S&P credit analyst Steven Ader noted that, “Bermuda will remain important, but insurers are also beating paths to Dublin, Dubai, Zurich, and Luxembourg in a bid to be closer to their customers.” Lloyd’s is also adding new syndicates.

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Source: Standard & Poor’s