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Member, Beacon International Group, Ltd.
A report by U.S.-based A.M. Best Co. Inc. said that Bermuda's reinsurance market faces multiple challenges, particularly from competing hubs in Asia, but its attractiveness to companies remains strong, The Royal Gazette reported. The ratings agency said that the other challenges include U.S. tax reform, a shrinking pool of reinsurers due to mergers, and the impact of Brexit. "In a period of increasing regulatory uncertainty, the Bermuda Monetary Authority's experience and ability to deal with different jurisdictions may even make it a more attractive jurisdiction for reinsurers," the report added.