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Within the capital markets, there remain a large number of institutional investors seeking out unique opportunities in alternative investments. One such area is insurance-linked securities (ILS), which have built significant traction since the 2008 financial crash.
Estera has been providing corporate, trust, fund and accounting services for over 25 years and has carved out a leading position in the support of ILS products. Analysis of its book of business over the last 10 years shows that the market capitalisation of ILS products it supports has grown from approximately USD2 billion in 2011 to USD10.8 billion at the end of 2016. Last
There is a sense of optimism in Bermuda that the success it has enjoyed over the years in respect of the ILS industry can, over the coming years, be replicated in the cryptocurrency and blockchain arena.
ILS fund managers like the fact that Bermuda has a lot of professionals working on the ground, from legal to administration and auditing. This is particularly important under Solvency II, which places a big focus on substance and physical presence.
“This has been fantastic for the funds industry,” says Dawn Griffiths, Director and Head of Bermuda Funds Practice at Conyers Dill & Pearman, one
A Q&A with Brian Desmond, CSO and EVP Head of Fund Services at Horseshoe Group.
For readers unfamiliar with ILS Funds, can you give a brief summary of the asset class?
Insurance Linked Securities (ILS) are financial instruments sold to investors and whose value is affected by an insured loss event. Two examples of the financial instruments used are catastrophe bonds and collateralised reinsurance contracts.
The buyer of protection, or the entity that is transferring the insurance risk is called the cedent and the seller or writer of the protection could be an individual investor or a hedge fund. For investors in
With some offshore jurisdictions having only moved recently to introduce registers of beneficial ownership, one could argue that having had its own register in place for over 70 years, Bermuda has been ahead of the curve. Now, as global regulatory oversight and transparency expectations rise, Bermuda is well placed to demonstrate that its house is very much in order.
The Bermuda Government and the Bermuda Monetary Authority have always paid close attention and cared to know who is doing business in Bermuda.
“That has been the standard operating procedure for Bermuda throughout its history as an international financial centre,” says
Although the Cayman Islands tends to be the default option for most alternative fund managers, there is a good argument for saying that Bermuda is equally, if not more attractive; certainly from a cost perspective and a ‘substance’ perspective, with a well-established business district in Hamilton, the island’s capital.
Indeed, an estimated 400 international companies are physically based in Bermuda, with an increasing number of fund management entities either setting up, or thinking of doing so. After all, Bermuda is only a two-hour flight to the US east coast, making it an ideal location for hedge fund managers and PE
Tax transparency has been an evolving focal point for the world’s economies as governments look to satisfy rigorous global compliance standards and shore up their tax revenues. Western media have focused on international financial centres following recent years’ cyber breaches that led to sensationalistic reporting about offshore investments, stoking a public appetite for revelations on high-net-worth financial matters, including taxes.
The standard argument one often hears is ‘why should companies avoid paying taxes in their home domicile?’ The question certainly has merit, but those posing the question need to take the time to hear the answer – the reality is
By Sean Moran, Bermuda Business Development Agency – This year promises to be a big one for Bermuda as we push forward on several strategies to make our market even more attractive and competitive for asset managers and allocators. In doing so, we aim to balance our goals as a jurisdiction with the many geopolitical and regulatory issues taking shape in 2018, including US tax reform, Brexit, and numerous global compliance initiatives.
Yet, these are the types of challenges Bermuda has always thrived on dealing with—and by doing so, has set itself apart from other financial centres. The spirit of
Richards Kibbe & Orbe has appointed Christopher Andrew Jarvinen, an accomplished bankruptcy attorney possessing nearly two decades of experience handling complex business and litigation issues arising in the context of corporate restructurings, as a partner in the firm’s New York office.
“Over the course of his career, Christopher has built an impressive practice specialising in bankruptcy litigation and restructuring deals, and we are thrilled to welcome him to the firm,” says Jennifer Grady, managing partner of RK&O. “He is an ideal complement to our bankruptcy, restructuring and special situation investments practice areas, and his particular expertise will be a tremendous asset to
Orion Energy has been very active in the Gulf Coast over the last two years, having partnered with five companies headquartered in the region and the new office will augment the firm’s origination and execution of new investment opportunities while better serving its current portfolio company partners in the area.
Ethan Shoemaker, a Managing Director and Investment Principal who has been with Orion Energy since its inception in 2015, will lead the new office including overseeing its growth and operations.
“Houston is a phenomenal place to live and work, and the ideal market to anchor Orion Energy’s strategy in
Noerr has advised the Finnish laminates and packaging specialist Walki on the sale of the group to the private equity investor One Equity Partners.
The sellers are funds managed by CapMan Buyout, a division of the Nordic private equity company CapMan.
Walki is a manufacturer of technical laminates and packaging solutions. The group, which is headquartered in Finland, generated turnover of EUR318 million last year. In Germany Walki operates a facility in Steinfurt. The transaction is subject to regulatory approvals and will probably be completed in the third quarter of 2018.
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