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Offshore Insurer Tax Hike Would Increase Crop Insurer Costs

A proposed tax on offshore reinsurers will likely raise costs for crop insurers and could reduce even further the players in that market, a lobbyist for Bermuda insurers warned Monday.

By Arthur D. Postal | Updated on June 08, 2010

NU Online News Service, June 9, 12:00 p.m. EDT

WASHINGTON–A proposed tax on offshore reinsurers will likely raise costs for crop insurers and could reduce even further the players in that market, a lobbyist for Bermuda insurers warned Monday.

Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, said domestic insurers are wrong in saying that, because the government sets the price for crop insurance, the proposed tax will not have an impact on rates.

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