Bermuda finalized a bilateral tax information exchange agreement with the Netherlands, bringing its total number of such agreements to 12 on June 8. Twelve is the required threshold for the country’s removal from the OECD’s “grey list” of tax havens.

This development has no direct rating implications for Bermuda-domiciled insurers or reinsurers, but the promotion of Bermuda to the OECD’s “white list” removes some uncertainty regarding the island’s ability to maintain its position as a key global insurance and reinsurance hub.

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