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Although Bermuda’s share of the global funds industry is smaller than its share of the international insurance and reinsurance industry, there is a credible business case for optimism in 2020 and beyond.
With the pace of change in the global insurance market showing no signs of slowing in 2020, we have underlined the London Market’s need to reassert its ability to adapt and manage the constant evolution of global risk. Releasing our annual London Market forecast for the year ahead, we have made predictions across 11 areas impacting the London Market, namely: aviation, casualty coverage, construction, cyber, energy, financial lines, marine, product liability and life sciences, professions, political risks and property damage.
The Governor of Bermuda has appointed Bermuda’s first privacy commissioner (Privacy Commissioner) pursuant to powers under the Personal Information Protection Act 2016 (PIPA).
An independent and wide-ranging industry report that ranks insurance law firms across a variety of areas has seen Kennedys set the standard for service satisfaction levels.
Case review 09/10/2019
Decisions involving liability claims against fund administrators are relatively rare in the English courts, as they are in the courts of offshore financial centres with legal systems based on English common law.
Case review 08/10/2019
In a dispute between a beneficiary and a trustee, access to legal advice received by the trustee can be of paramount importance to the beneficiary’s efforts to impeach the trustee’s conduct.
Case review 07/10/2019
A recent decision of the Hong Kong High Court, Moulin Global is a rare example of a director of a Bermuda company being held liable to the company for breach of duty and illustrates that courts will hold non-executive directors to account for failure to take action in response to red flags as to the company’s solvency.
We are delighted to announce that we have strengthened our domestic network by establishing a base in Bristol, which becomes our eleventh office in the UK and 38th globally.
New Codes of Conduct for insurance intermediaries will help maintain Bermuda’s reputation for regulatory excellence
In February 2019, the Bermuda Monetary Authority published its ‘Insurance Brokers and Insurance Agents Code of Conduct’. The Code was issued pursuant to powers under Section 2BA of the Insurance Act 1978 and will help underpin the jurisdiction’s claim to regulatory excellence and adherence to international standards.
Bermuda’s Economic Substance Act 2018 and Economic Substance Regulations 2018 came into operation on 31 December 2018. The ESA was enacted in response to guidance published by the European Code of Conduct Group (Business Taxation) regarding the manner in which the COCG will assess Bermuda’s compliance with the “economic substance” element of its “fair taxation” criteria.