Synopsis: A Dangerous Illusion: Cut-through clauses are often used in conjunction with Bermudian captive re/insurance arrangements. For example, a US insured is obliged under its local laws to interpose a local insurer to front much of its insurance business needs before its Bermudian captive can assume the business.
Subscribing to Change: If Bermuda moved to become a pure subscription market or if a Lloyd’s satellite franchise came to Bermuda – as has also been mooted, certain practical market and legal difficulties may arise many of which have been addressed by the London Courts.
Authors: Alex Jenkins
Article: Bermuda Leg Guide 09