Why pension funds are finding Bermuda captivating

By Ashley Fife

Bermuda is becoming increasingly attractive as a place to invest pension assets, to manage the risks associated with funding pensions and to carry on a pension trustee business.

In the first instance, pension trustees’ investments in insurance-linked securities (ILSs) listed on the Bermuda Stock Exchange (BSX) have been rapidly increasing. ILSs include investment contracts known as bonds issued by a special-purpose insurer.

The BSX currently lists about one third of the global catastrophe (CAT) bond market. In Bermuda, pension funds accounted for 14 per cent of all new CAT bonds issued in 2012 — up from zero in 2007.

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