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An introduction to Phoenix CRetro

How we help – a gateway to alternative capacity

Acting as both an aggregator and a subscription market, you benefit from the classic retail-wholesale framework. This provides Lloyd’s Syndicates and global reinsurers 
with alternative capacity or capital from areas of the world with little previous exposure to CAT retrocession written on a worldwide basis – despite having the necessary infrastructure in place to enter the market.

In addition to strong regulatory environment the company is managed by one of the largest captive managers on the island. 

Transparent and compliant turnkey solutions

For reinsurers from the region you will have transparent and effective access to 
the catastrophe reinsurance market. This can be challenging because of:

  • a lack of financial strength
  • local sovereign rating
  • small individual capacities.


In addition we provide any potential capital providers as Banks. Asset Managers, Pension Funds and even High Net Worth individuals with a turnkey solution in case someone would become interested in ILS type of transactions

“Whether you are a reinsurance buyer or capacity provider our strategic arrangements with the largest international banks mean you benefit from comprehensive turnkey solutions for securing deals in a convenient and compliant manner”.

As since our start up as Phoenix CRetro we had a great recognition and appreciation by CAT reinsurance industry below are some press cuts from leading information providers on the market.

Clicking on each icon you will get a direct link to relevant press coverage clearly explaining our business model and the concept of what we do and how we do it: 

You can view/download a portfolio of press quotes on us by clicking HERE or Company brochure HERE

Access to Bermuda

The hub for catastrophe reinsurance

We are registered in Bermuda and authorised and regulated by the Bermuda Monetary Authority – a world renowned jurisdiction at the centre of catastrophe reinsurance expertise.

Insurance & Reinsurance Market

Bermuda is one of three reinsurance centres in the world, with 15 of the top 40 global reinsurers based in Bermuda. There are over 100 companies with financial strength ratings, many of which are publicly traded insurance companies.

In an increasingly complex and unpredictable environment, the Bermuda market has become known for its ability to deliver risk management products demanded by the world’s leading corporations. In so doing, Bermuda firms have supported global industry and commerce.

Bermuda companies have an unparalleled excellence in global risk financing, demonstrated in our breadth of products, depth of experience and our financial strength and stability.

In response to challenging economic times and catastrophic events the Bermuda market continually launches innovative insurance and reinsurance products and provides much needed capacity. During the excess liability insurance market crunch in the 80’s ACE and XL were formed to provide solutions that grew the market. The 80’s also saw the creation of segregated account companies out of Bermuda.

In the 90’s Bermuda reacted to the collapse of reinsurance capacity to cover hurricane risks post Hurricane Andrew by creating several new and highly capitalised catastrophe reinsurance companies. Many other (re)insurance companies were established in response to the World Trade Center terrorism attacks and post millennium hurricanes Katrina, Rita, Wilma and Ike.

ILS Leader

The accumulation of reinsurance expertise combined with Bermuda’s successful alternate investment fund industry has now made Bermuda the lead jurisdiction for the convergence of capital and (re)insurance markets. Almost half of the world’s Insurance-Linked Securities ($10.09 billion) are now listed in Bermuda.

Sensible Regulation

Bermuda’s reputation has been earned over decades due to the sound regulatory practice. The Island’s regulator; The Bermuda Monetary Authority, is committed to enhancing and protecting Bermuda’s reputation as a world class financial centre. Bermuda’s approach has always been to provide the appropriate level of oversight and supervision whilst continually enhancing regulation in accordance with global standards.


Global Standards

The European Union (EU) and the BMA have signed a Cooperation Agreement regarding the Alternative Investment Fund Managers Directive (AIFMD). These cooperation agreements are key element in effective supervision of non-EU AIFMs and a pre-condition in allowing non EUAIFMs access to EU markets or to perform fund management activities on behalf of EU managers. As part of its AIFMD compliance initiatives, the BMA aims to develop an opt-in regime to enable Bermuda-based AIFMs to maintain seamless operations across the European market.

The BMA is a full member of The International Organization of Securities Commissions (IOSCO), and a founding member of the International Association of Insurance Supervisors (IAIS).

Bermuda was the first offshore jurisdiction elevated to The Organisation for Economic Co-operation and Development’s (OECD) “White List” category. The OECD’s most recent assessment rated Bermuda favourably on international standards of tax transparency (the same level as the US, the UK and Germany).

The Island is also recognised for its leadership within the OECD Global Forum and Financial Action Task Force (FATF) for its robust KYC, AML, and ATF controls.

Bermuda has 41 signed bilateral TIEAs and over 60 multilateral TIEA partners through Bermuda’s recent adoption of the Multilateral Convention on Mutual Assistance in Tax Matters. In December 2013, post G20 meetings, the Financial Stability Board affirmed Bermuda as having sufficiently strong adherence to regulatory and supervisory standards on international cooperation and information exchange standards.

Bermuda is a member of the Group of International Finance Centre Supervisors.

The Bermuda Stock Exchange (BSX) is a full member of the World Federation of Exchanges, affiliate member of IOSCO and is recognised by the SEC as a Designated Offshore Securities Market; the UK FCA as a Designated Investment Exchange; the UK HM Revenue & Customs as a Recognised Stock Exchange; and most recently has been designated by Canada’s Ministry of Finance.

Bermuda has signed Model II Inter-Governmental Agreements (IGA’s) with both the US and the UK under the Foreign Account Tax Compliance Act (FATCA). Under this arrangement, Foreign Financial Institution (FFI’s) registered in Bermuda have direct control over the information collected and reported to the IRS. Switzerland and Japan have also elected the Model II IGA route.

“We appreciate Bermuda’s role as a leader in global tax transparency as well as their role serving alongside the US on the Steering Group of the OECD Global Forum on transparency and Exchange of Information for Tax Purposes”.

– Robert Stack, US Treasury

Bermuda insurers should act as goodwill ambassadors to help promote the region internationally as a respected blue-chip jurisdiction

– Ross Webber, CEO of Bermuda Development Agency


Recently the strength of Bermuda market has been tested with larger insured catastrophic risks when Bermuda carriers paid:

  • US$22 billion to rebuild the US Gulf and Florida coasts after the hurricane seasons of 2004/5;
  • nearly 30% of the insured losses from Katrina, Rita and Wilma hurricanes;
  • 22% of the theoretical $1B market loss for the 2009 Air France crash;
  • 51% of reported liabilities from the 2010 New Zealand earthquake;
  • 50% of the reported losses for the 2012 Costa Concordia cruise liner sinking;
  • 29% of the international reinsured share of the 2011 Japanese earthquake;
  • 37% of Chile’s earthquake;
  • Bermuda’s reinsurers contributed $35 billion between 2001-2012 to US catastrophe losses;
  • USD 31,2 bln. or 30% of devastating Q3 2017 cat losses (Harvey, Irma, Maria US hurricanes and 8,1 Mexican earthquake).

Bermuda Taxation & Reputation (Key points):

Bermuda’s tax system was not created to “lure” foreign companies.

The Island’s tax system, in place for more than a century, was made to suit the needs of our jurisdiction—and built on taxing imports. This consumption-based, duty-tax system provides revenue for Bermuda’s Government to support the Island’s infrastructure. Unlike larger countries, Bermuda does not have the burden of large-scale infrastructure, healthcare and social insurance systems that require support via income or corporate taxes.

There are taxes in Bermuda.

The Island does not levy income tax or corporate taxes, but instead imposes payroll tax, import duties and custom duties on goods and services under its consumption-based approach. Custom and payroll duties form a major component of the Island’s tax revenues.

Bermuda’s tax revenue percentage is virtually parallel with that of the US.

Bermuda Government revenues total an estimated 16% of GDP. By comparison, US federal tax revenues total 19% of GDP.

Cross-border trade fuels global financial systems.

Via multi-national enterprises, offshore financial centres pave the way for growth in both developed and emerging markets and are vital for economic development around the world.

That pension you’re counting on? Thank Bermuda. 

Bermuda market is a destination for financial investment by onshore pensions and governments. More than a third of the UK’s local government pension plans allocate money to hedge funds, according to Bloomberg. The same goes for the private sector—an estimated 64 percent of top UK corporate pension plans invest in funds, most based offshore.

Bermuda tax treaties put money back onshore. 

Take  TIEA with Canada, for example. It allows corporations to repatriate active business income through dividends—so they can re-invest in their home country and create more jobs.

Privacy protects lives and livelihoods. 

For genuine safety reasons, preserving personal privacy and avoiding dangerous, corrupt or unstable political or financial regimes is a highly valid reason for seeking a safe harbour like Bermuda for the protection of generational wealth.

International finance centres enable philanthropy and impact investing. 

Bermuda is home to global foundations, trusts and family offices that generate measurable social and environmental good.

Bermuda does not target certain companies for tax purposes.

Bermuda does not differentiate between local companies and exempted (foreign, Bermuda-domiciled) companies in the way they are taxed. All companies are treated the same.

Bermuda’s regulatory system is respected worldwide.

A UK Overseas Territory, Bermuda is considered a highly reputable jurisdiction with a globally-recognised regulatory system, British Common Law, and recourse to the Judicial Committee of the Privy Council (JCPC).

OECD Country-by-Country (CbC) and Common Reporting Standard (CRS) systems.

These are well instituted in Bermuda, so anyone investing here has their financial account information automatically submitted to relevant tax authorities.

Foreign Account Tax Compliance Act (FATCA). 

Bermuda has a Model 2 intergovernmental agreement with the US, ensuring the same exchange of financial details to the other side of the Atlantic.

The OECD’s definition of tax havens. 

Its criteria are clear, and Bermuda doesn’t qualify; only countries that persist with a lack of transparency, no substance, and refuse to exchange information should be condemned with that label.

Bermuda beneficial register keeps stricter records than most onshore. 

Bermuda’s 70-year-old beneficial register has a starting threshold of 10 percent ownership (vs UK and others at 25 percent). We exchange information requested by legitimate international authorities—and fast: the UK has an agreement with Bermuda to share data within 24 hours.

Offshore business isn’t just about tax. 

Sure, jurisdictions with tax neutrality avoid double taxation, but nowadays, primary client focus is on Bermuda market’s other appealing qualities: our business environment, opportunities for portfolio diversification, the expertise of service providers, and accessible, pragmatic, respected regulation.

Companies built in Bermuda give, don’t take.

Some of Bermuda market’s largest corporations, including 13 of the world’s top reinsurers, play a critical role in the global economy. They help stabilise communities via billions of dollars in claims paid after hits by hurricanes, floods, fires, earthquakes and other disasters.

For further info on Bermuda business please visit: bda_logo


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