ABI executive to head Bermuda tax agency

An executive and tax expert at the Association of British Insurers will be the first head of the new agency overseeing Bermuda’s new Corporate Income Tax regime. 

UK publication Insurance Post reported that Mervyn Skeet (pictured), the director of general insurance policy at the ABI, is leaving the organisation to become chief executive of the Bermuda Corporate Income Tax Agency. 

He was previously head of tax and London Market at the ABI, where he has worked  for seven years. 

Prior to joining the ABI, he was global head of tax at XL Group between 2007 and 2017, having previously been head of European tax between 2002 and 2006. Previously, he was at Chubb Insurance for 13 years, were he rose to be head of European tax.  

The ABI is the leading trade organisation for UK re/insurers, representing 300 firms which employ more than 300,000 people. 

The agency will be responsible for administering and collecting Bermuda’s Corporate Income Tax, which is due to take effect in January. 

The CIT will levy a 15% tax on the profits of multinational enterprises with annual revenues of more than €750 million (about $780 million). 

The agency will ensure compliance and oversee necessary enforcement action against businesses that fail to abide by the regulations.

It will be governed by a board of seven to 11 directors appointed by the Minister of Finance.

Insurance Post said Skeet is expected to be chief executive officer of the agency, responsible for its day-to-day management, and overseeing the necessary staff and consultants.

Skeet said: “I’ve really enjoyed my time with the ABI, across tax and wider general insurance. “I’m proud of what my teams and I have achieved over the last seven years, on behalf of the industry, and I’m sure there will be many more successes for the ABI team in the years ahead. 

“I look forward to my new role in Bermuda where I will continue to work with the insurance industry who will be key stakeholders, as we build the Corporate Income Tax agency to administer and collect Bermuda’s corporate income tax.”

Hanna Gurga, director general of the ABI, said: “Mervyn has made a significant contribution to the ABI and our industry over the past seven years, particularly in the development and launch of the Fire Safety Reinsurance Facility, Motor Affordability Roadmap and Premium Finance Principles. 

“We wish him every success in his new role and are delighted that it means Mervyn will remain a key stakeholder for the insurance industry in Bermuda.” 

The Fire Safety Reinsurance Facility was launched in the wake of London's fatal Grenfell Tower fire disaster.  

The ABI signed a Memorandum of Understanding with the Association of Bermuda Insurers and Reinsurers in 2023. 

The agreement promoted cooperation and the exchange of views and information on issues of high importance to the industry and agreed to exchange information on taxation, climate change, cyber risks, diversity, equity and inclusion, wider insurance and reinsurance matters and domestic regulation of respective markets.

Skeet was also the keynote speaker at the Bermuda Society’s annual lunch in May at the London Guildhall, where he discussed the symbiotic relationship between Bermuda and the UK in tackling global risks. 

A post on the Society’s website said: “Having worked in the re/insurance industry in both jurisdictions, he noted the long track record of Bermuda-based companies providing capacity to the UK and worldwide, and the significant history of market participants operating across both markets.”

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