By: Maureen Matous, Manager
As the largest Actuarial & Analytics Recruitment Firm, DW Simpson fields several questions about the steps required for an Actuary to take to be employed in Bermuda. Below you will find the basics of what you’ll need to know in order to start working in the cutting edge (re)insurance and risk capital of the world. Bermuda is 21 square miles and has an estimated population of 60,000. It houses one of the largest reinsurance markets in the world and has become a hub for commercial insurance. Additionally, it is a highly attractive location for tourists. To secure a position in Bermuda, you will need to interview in the company’s office on the island, even if the company has offices near you elsewhere in the world. If you are a US, Canadian or UK Citizen visiting the island, you will be able to enter the island upon presentation of a valid passport. You are able to be on the island typically up to 90 days.
Should a company in Bermuda extend to you an offer of employment (and you accept), the company will secure a work permit for you prior to your arrival to begin your job. This can take anywhere from one to six months. Most work permits issued will be valid for up to six years. In extremely rare cases, there exist work permits available to expatriates that will allow them to stay on the island up to 10 years. They are granted only to “key employees of certain companies on the islands,” e.g. CEOs. An interesting fact about work permits in Bermuda: when they are up for renewal (usually every three years), the company must advertise the role you’re in locally – in the Royal Gazette newspaper – and first give full consideration to Bermudian citizens. If a qualified Bermudian cannot be found, the company will be able to renew the work permit of a
A few additional points to consider if you plan to seek employment on the island… due to the Bermudian government’s need to regulate the population on this small island, if you are married and you and your spouse are non-Bermudians with more than two children, it is highly unlikely that you will be able to secure employment in the Public or Private sector. The Bermuda government strictly enforces the two children limit to families entering the island.
On a related note, if you are in a relationship but not married (and a citizen of US, Canada or UK), your significant other will be able to enter the island on a 90 day tourist visa. However, if he/she would like to work in Bermuda (and remain unmarried), it is likely he/she will need to have a “hard to find” skill set, similar to an Actuary, that would allow a company to secure a work permit for him/her. For citizens of the UK and Canada, salaries
in Bermuda are virtually tax free. For U.S. citizens, the first $90,000 in compensation is tax free; all compensation above $90,000 is subject to US tax laws. If you’re able to make a move to Bermuda, we highly recommend it. This small island can provide a variety of experience that can pave the way to a prosperous career!
Keith Archibald Forbes . (1992). In Bermuda Online. Retrieved 12-21-2012, from