Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第九章-再保险市场B3）
B4 Bermudian market（百慕大市场）
The Bermudian market has developed into an accepted part of the mainstream capacity of the global reinsurance market and its main carriers have expanded across the globe . It is also the world’s leading market for insurance-linked securities.
百慕大市场已发展成为全球再保险市场主流容量的公认组成部分，其主要承运商已在全球范围内扩张。它也是全球领先的保险相关证券市场。
Bermuda primarily grew as a captive market as the offshore low corporation tax regime gave it advantages, particularly for US-based companies. This led to Bermuda becoming the primary domicile for captives. Today, it is home to over 1,200 companies and, while the USA remains the biggest source of captive business, accounting for over half of the insurance formations, the picture is changing as many now have African, Middle and Far Eastern, Australian and Latin American owners.
百慕大主要作为一个自保市场发展，因为离岸低公司税制度给它带来了优势，尤其是对美国公司而言。这导致百慕大成为自保公司的主要住所。如今，它拥有 1,200 多家公司，虽然美国仍然是自保业务的最大来源，占保险组织的一半以上，但情况正在发生变化，因为现在许多自保公司都有非洲、中东和远东、澳大利亚和拉丁美洲的所有者。
In 2022, the Bermudian reinsurance market had 30 major international commercial reinsurance companies, including Everest Re, PartnerRe, Maiden Re, XL Catlin and AXIS, among others, set up to provide substantial capacity. Originally the areas of excess liability and directors and officers were the main focus of these groups, but they have expanded into new areas considering the developments of reinsurance globally, especially the alternative risk transfer (ART) market.
2022 年，百慕大再保险市场有 30 家大型国际商业再保险公司成立，其中包括 Everest Re、PartnerRe、Maiden Re、XL Catlin 和 AXIS 等，以提供大量容量。最初，这些团体主要关注超额责任和董事及高管领域，但考虑到全球再保险的发展，尤其是替代风险转移 (ART) 市场的发展，他们已经扩展到新的领域。
Development of the Bermudian property/catastrophe market（百慕大财产/巨灾市场的发展）
By 1992, the global property/catastrophe market had endured an unprecedented five-year run of costly catastrophe losses that included tornadoes, hurricanes and Piper Alpha. These losses brought many insurers and reinsurers to the point of insolvency. The decline in the number of active reinsurers and the reduction in underwriting capacity of others allowed for the development of the property/catastrophe market in Bermuda.
到 1992 年，全球财产/巨灾市场经历了前所未有的五年灾难损失，包括龙卷风、飓风和Piper Alpha。这些损失使许多保险公司和再保险公司濒临破产。活跃再保险公司数量的减少和其他再保险公司承保能力的下降为百慕大的财产/巨灾市场的发展提供了条件。
Prior to 1995, the regulation of companies in Bermuda was perceived to be less rigorous than in other markets. The country was characterised as a low tax environment with low entry barriers for insurance companies. Government supervision and regulation were via a self-policing model made up of industry members. These factors encouraged investment, but not so much the protection of policyholders.
1995 年之前，人们认为百慕大的公司监管不如其他市场严格。该国的特点是低税收环境，保险公司的进入门槛低。政府的监督和监管是通过行业成员组成的自我监管模式进行的。这些因素鼓励了投资，但并没有对保单持有人进行太多保护。
Proper regulation was needed if global markets were to accept Bermudian companies as viable mainstream suppliers of capacity. The Insurance Amendment Act 1995 (IAA) tightened up reporting and solvency requirements and gave increased protection to policyholders. IAA also created four classes of companies, which separated single parent captives from highly capitalised publicly traded companies of global reinsurers, and permitted greater powers of intervention where an insurer risks becoming insolvent or being in breach of the law.
如果全球市场要接受百慕大公司作为可行的主流产能供应商，就需要适当的监管。1995 年《保险修正案》（IAA）收紧了报告和偿付能力要求，并增加了对保单持有人的保护。IAA 还创建了四类公司，将单亲自保公司与全球再保险公司资本雄厚的上市公司区分开来，并允许保险公司在面临破产或违法风险时拥有更大的干预权力。
Following 9/11, the Bermudian market reacted to hardening rates by seeing new companies set up. Excellent infrastructure and a pragmatic approach to insurance regulations allowed them to start quickly in order to take advantage of what was perceived to be a potentially good business opportunity. The market has also developed a skilled and innovative workforce. These companies were well capitalised, had strong reinsurance backing and did not have the loss experience of more established players.
9/11 事件后，百慕大市场对利率的强硬做出了反应，新公司纷纷成立。优秀的基础设施和务实的保险监管方法使他们能够迅速起步，以利用被认为是潜在的良好商机。市场还培养了一支技术熟练、富有创新精神的劳动力队伍。这些公司资本充足，拥有强大的再保险支持，并且没有更成熟的参与者那样的损失经验。
Between 2002 and 2004, Bermuda carriers opened and expanded their operations in the USA and Europe to maximise their visibility and provide capacity for clients. This underlined Bermuda-based companies’ intentions to play a main role within the global reinsurance arena.
2002 年至 2004 年间，百慕大保险公司在美国和欧洲开设并扩大了业务，以最大限度地提高知名度并为客户提供服务。这突显了百慕大公司在全球再保险领域发挥主要作用的意图。
The Bermuda insurance market has changed in the last five years from being for mainly property and catastrophe reinsurance market into a broader and diversified market.
百慕大保险市场在过去五年中从以财产和巨灾再保险为主的市场转变为更广泛和多样化的市场。
Current status（现状）
Bermuda has become one of the world’s top three jurisdictions in the global market along with the USA and Europe, and it is now the largest property catastrophe reinsurance market. It also has a growing casualty market with a number of the US top ten professional liability reinsurers.
百慕大已成为与美国和欧洲并列全球市场前三大司法管辖区之一，目前是最大的财产灾难再保险市场。它的伤亡市场也在不断增长，拥有多家美国十大专业责任再保险公司。
According to Standard & Poor’s 2017 reinsurer rankings: Bermuda has 13 of the top 40 reinsurers (Europe has 9 and the USA has 6), although entities based in Europe still have almost 55% of the net reinsurance premium written (USA 15%; Bermuda 12%). Bermuda reinsurers make a significant contribution to the US economy. Bermuda is the leading non-US supplier of reinsurance to US insurers, providing a critically important source of risk capital for the US market.
根据标准普尔 2017 年再保险公司排名：百慕大拥有 13 家排名前 40 的再保险公司（欧洲有 9 家，美国有 6 家），尽管总部位于欧洲的实体仍占净再保险保费的近 55%（美国为 15%；百慕大为 12%）。百慕大再保险公司为美国经济做出了重大贡献。百慕大是美国保险公司领先的非美国再保险供应商，为美国市场提供了至关重要的风险资本来源。
For example, Bermuda’s reinsurers paid 30% of insured losses from 2005 Hurricanes Katrina, Rita and Wilma, a sum greater than its European competitors. Furthermore, the Bermudian market paid sums in excess of US$22 billion to rebuild the Florida and US Gulf coasts following the hurricane seasons of 2004 and 2005.
例如，百慕大的再保险公司支付了 2005 年飓风卡特里娜、丽塔和威尔玛造成的 30% 的保险损失，这一数额高于其欧洲竞争对手。此外，在 2004 年和 2005 年飓风季节之后，百慕大市场支付了超过 220 亿美元的款项来重建佛罗里达和美国墨西哥湾沿岸。
Nonetheless, a more or less constant concern to Bermuda’s reinsurers is the possibility of taxation by the US Government of US-sourced business, whether written directly or indirectly by a Bermuda-based entity. It is anticipated that the benefits of a maintaining a Bermuda market domicile will remain, but the gap between the competitive advantage between Bermuda and non-Bermuda incorporated companies will narrow over time.
尽管如此，百慕大的再保险公司或多或少一直担心的是美国政府可能对美国业务征税，无论是由百慕大实体直接承保还是间接承保。预计维持百慕大市场注册地的好处仍将存在，但百慕大公司和非百慕大公司之间的竞争优势差距将随着时间的推移而缩小。
The tax and regulatory burdens placed on Bermuda-based companies are greater than before, particularly with the introduction of regulations equivalent to the EU’s Solvency II.
百慕大公司的税收和监管负担比以前更重，尤其是在引入与欧盟偿付能力 II 相当的法规之后。
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