Reinsurers had a tough 2015, but remain an election-year target, at least for Democratic presidential hopeful Hillary Clinton, who wants to end what she calls “the Bermuda reinsurance loophole” as part of her tax program.
In a factsheet posted on her campaign website, Clinton says “high-income money managers have used loopholes related to foreign reinsurance — often located in Bermuda — to avoid paying their fair share.” However, she provides no details about the loophole or how she would deal with it, beyond stating that she would “build on proposals from both Democrats like President Obama and Republicans in Congress to close down these . . . loopholes.”