Bermuda: The Bedrock of HNW Life Insurance Solutions

Read Time: 4 Minutes

As an advisor in the high net worth space, I've learned that building a legacy goes far beyond just accumulating wealth. It's about safeguarding that wealth, protecting it from unexpected risks, and ensuring it serves your family's interests for generations to come. In this pursuit, one jurisdiction has proven to be an essential partner - Bermuda.

?

You might be surprised to learn that this small island territory punches far above its weight in the world of high net worth (HNW) and ultra-high net worth (UHNW) life insurance. But once you understand Bermuda's unique benefits, it's clear why it is such a dominant force in this area.

?

Let me walk you through why Bermuda has become the jurisdiction of choice for clients and advisors.

?

First and foremost, Bermuda provides a stable environment in an increasingly unstable world. With a parliamentary democracy dating back over 400 years and its self-governing status as a British Overseas Territory, Bermuda is protected from the political risks that burden many other jurisdictions. This reliable political and economic stability is a key reason why wealthy individuals look to Bermuda as a secure place to hold their assets.

?

But Bermuda's appeal goes beyond its stability. The island's reputation as a leading international insurance hub is built on a foundation of strong regulation and compliance with the highest global standards. The Bermuda Monetary Authority (BMA), established over 50 years ago, has earned a strong reputation for its thorough oversight, which implements Bermuda's status as a top-ranked jurisdiction by the Financial Action Task Force (FATF).

?

Imagine a world-class regulator overseeing an industry operating under one of the oldest and most established insurance laws in the world - that's the reality in Bermuda. The island's Insurance Act, implemented in 1978, has stood the test of time, adapting to meet the evolving needs of the global insurance market while providing a stable legal framework for clients and insurance carriers.

?

Speaking of carriers, Bermuda is home to some of the most trusted names in HNW life insurance, including Sun Life, Manulife, Transamerica and FWD. These powerhouses have established operations in Bermuda, taking advantage of the island's legal stability, tax neutrality, and its long history as the global center of the insurance industry.

But what truly sets Bermuda apart is how all its key strengths work together seamlessly. Bermuda provides a secure and politically stable environment, overseen by a world-class regulator, and laws that have stood the test of time. This is all supported by top-tier global insurance carriers that have established a strong presence on the island. This unique combination is what has consistently made Bermuda the preferred choice for high-net-worth and ultra-high-net-worth business year after year.

?

As an advisor, I've seen first-hand the real benefits that Bermuda's high-net-worth life insurance offerings can provide. Bermuda has been an invaluable partner in helping clients with complex estate planning, asset protection, and securing wealth for multiple generations. Bermuda has consistently shown its expertise in navigating the intricate world of high-net-worth finance.

?

Regardless of the constantly changing global landscape, one thing stays the same - Bermuda's unwavering commitment to delivering excellence in high-net-worth life insurance. Bermuda's long history, innovative thinking, and tireless pursuit of the highest standards will keep it as the top choice for those seeking unmatched security, stability, and reassurance for years to come.

Cherie Zhai

Senior Business Strategy Manager - North Asia