Bermuda’s advantageous tax status for the re/insurance industry will be reduced at the margin with the expected passage of the recent multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings in a market commentary.
The overall benefits of maintaining a Bermuda market domicile and operations will likely endure, but the net profitability gap between Bermuda and non-Bermuda incorporated companies is expected to narrow over time, Fitch said.
