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Komfie Manalo, Opalesque Asia: Sean Moran, business development manager at the Bermuda Business Development Agency (BDA), said that
family offices operating in Bermuda can enjoy the benefit of utilizing
the different elements of financial service under one roof.
Moran told participants in the latest Opalesque Bermuda Roundtable, "We’ve been seeing more
recently is the 'cross-pollination’ effect across what we usually think
of as separate industry sectors. For example, family offices are clients
that often look to utilize many different elements of service under one
roof or in one jurisdiction."
He explained that family office don’t just require asset allocation or
investment management services; they also require insurance, private
wealth management and estate planning, trust structures for their family
members, avenues for philanthropy and charitable giving, and so on. "All
these products and services can all be provided in Bermuda," he said.
Moran added that Bermuda is also a leading center for captive insurance,
and the island is seeing many different types of clients from various
jurisdictions – not just insurance companies – setting up captives to
self-insure. Also, fifteen of the world’s top 40 reinsurers are based in
Bermuda,
making up about 36% of the global reinsurance market based on
property/casualty net premiums ear...................... To view our full article Click here
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