American Dream Relocates to Bermuda, Says Fishman, Blaming Taxes
- Insurers pick Switzerland and Bermuda for headquarters
- Travelers CEO says public policy should be addressed
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Jay Fishman, who built New York-based Travelers Cos. into one of the world’s biggest insurers, lamented that disparities in tax rates are pushing established rivals and industry newcomers outside the U.S.
Over the past 15 years or so, “we’ve counted 10, 12, maybe even 15 Bermuda-based startups that ultimately became decent-size companies,” Fishman said Wednesday at a conference sponsored by Barclays Plc. “We can’t find one in the U.S.,” he added. “As an American citizen who’s benefited enormously from the American dream, I think that’s unfortunate. It’s a public-policy opportunity that should be addressed.”