Play as · WW3 2026 · L1 · British Overseas Territory · Reinsurance Hub

Bermuda - 2026

Bermuda is the British Overseas Territory in the North Atlantic - population about 64,000, GDP around $8B PPP (per-capita among the highest on Earth), and the world's leading reinsurance jurisdiction (the Bermuda reinsurance market handles a substantial fraction of global property-and-casualty reinsurance and the rapidly-growing climate-and-cat-bond market). Governed by David Burt of the Progressive Labour Party as Premier since 2017. The strategic identity is the North Atlantic British Overseas Territory regulatory micro-state with the world-leading reinsurance hub positioning, the substantial post-OECD-Global-Minimum-Tax (GMT) regulatory restructuring (Bermuda has implemented the 15% GMT through 2025 legislation), the substantial financial-services-and-tourism economic foundation, and the continuing political-status conversation around the eventual independence trajectory.

Starting position

Bermuda's defense responsibility rests with the United Kingdom - the Royal Bermuda Regiment (about 350 personnel) is the local-military formation, the post-1995 closure of the US Naval Air Station and the Canadian Forces Station ended the principal external-military presence, and the bilateral cooperation with the UK and US continues at reduced operational scale. The reinsurance industry - anchored around the Bermuda Class 3 and 4 reinsurers (Renaissance Re, Everest Re, Axis Capital, Arch Capital, the broader Bermuda-domiciled global reinsurance ecosystem) - has been the principal economic asset, with the post-2010-onwards alternative-capital and cat-bond architecture having institutionalized Bermuda as the world's leading climate-and-catastrophe-reinsurance jurisdiction.

What turns the campaign

What Bermuda wants is the reinsurance industry preserved at the regulatory-and-tax-attractive level the post-OECD-GMT framework can sustain, the British Overseas Territory constitutional architecture preserved against any UK political shift that questions the continuing engagement, the political-status conversation managed through the constitutional-political process the territorial framework provides, the tourism economy maintained against international-environment pressures, and the diaspora and broader international-financial-services-community engagement deepened. What Bermuda fears is a post-OECD-GMT competitive-jurisdiction-arbitrage that compresses the reinsurance hub positioning, a major climate event that exceeds the substantial reinsurance-industry-shock-absorption capacity (Hurricane Igor 2010 and Hurricane Fiona 2022 patterns suggest the underlying climate-vulnerability), a UK political shift that questions the continuing Overseas Territory engagement, and a domestic political-economic crisis that the historically-stable territorial environment has not had to address.

Signature challenge