WASHINGTON– If Congress fails to address insurers' use of Bermuda as a tax haven, increasing amounts of capital will flee the United States, an insurance executive warned a Senate panel today.
The comments by William Berkley, president and chief executive officer of W.R. Berkley Corporation were made at an exploratory meeting of the Senate Finance Committee, which is seeking to ensure companies are paying their taxes and eyeing relationships between insurers and foreign reinsurers, particularly if they are affiliates of the same company.
In addition to hearing from a Bermuda reinsurance executive, expert on hedge funds and college endowments, the committee also heard from a senator pushing legislation to tax U.S. firms that manage what amounts to a paper transfer offshore.
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