Bermuda's Insurance Companies A-L, both which list some insurance companies only, the most prominent but by no means all, will shortly be discontinued and absorbed into the following which will eventually show ALL Bermuda-registered companies: Jurisdictional regulatory agency is the Insurance Division of Bermuda Monetary Authority.
The presence in Bermuda of these Bermuda-registered companies, the Bermuda Government fees they pay in return for not having any Bermuda Government taxes imposed on their income or profits and the profits they earn from their often world-wide business including acting a principal insurers in US and other jurisdictions and in major disasters such as hurricanes, typhoons and special risks, is the single-biggest reason, not tourism which lags far behind, why Bermuda, despite its tiny size of only 21 square miles or 58 kilometers, scores so highly in World Bank and related statistics in Gross National Income and other economic indicators. Sold billion of catastrophe bonds to transfer some of State Farm Mutual Automobile Insurance Co.'s natural disaster risk to debt investors. subsidiary of Met Life, a leading provider of insurance and financial services with operations in the US and Latin America, Europe and Asia Pacific.This insurer announced in March 2011 it intended to file for bankruptcy in Bermuda and the US after its proposed merger with Bayside Capital Partners fell through. The parent company is the biggest life insurer in the US.They are exempted from Bermuda's domestic company requirements of being at least 60% beneficially owned by Bermudians.They can trade anywhere in the world except as a local company in Bermuda (They cannot write any business for Bermuda residents, only with other international or exempted companies).
The regulatory environment is exceptionally favorable to them in Bermuda - so much so that many international businesses, including insurers, from all over the world, even in places such as St.
Lucia, West Indies, now have their Bermuda-incorporated and Bermuda-based companies as their registered offices and their companies beyond Bermuda as their subsidiaries. One prominent US corporation, Chevron, has over 400 Bermuda-incorporated companies and there are an equal number of Bermuda-incorporated companies beginning with the word "China." Their reasons to relocate to Bermuda as corporate inversions arise out of the USA's own tax code and/or similar taxation policies of the UK, Canada, China, Russia and other countries.