‘Bermuda has its issues’

Interesting comments from Dane Douetil, group Chief Executive Officer of U.K.-based non-life insurer and re-insurer Brit Insurance Holdings plc.

Mr. Douetil at a recent press coference at Brit offices suggested the possibility of moving its corporate headquarters out of the UK citing tax disadvantages and uncertainty from the U.K. government on taxation, particularly foreign profits.

“We need to get into a regime where we can plan five, 10 years ahead” Douetil said. “This is not something you do for the short term. It’s not a one- or two-year fix.”

While he did not rule out Bermuda as a possible choice for relocation, he suggested

“Bermuda has its issues. There’s no doubt that people in Bermuda are concerned about political stability.”

Interesting.

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