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Bermuda's International Non-Insurance Businesses, Part 1, A to C

Huge range and variety of offshore corporations in this initial listing, based here

By Keith Archibald Forbes (see About Us) exclusively for Bermuda Online

To refer by email to this file, please use "bermuda-online.org/intcoys" as your Subject

Introduction

Clarendon House, by the author, solely for Bermuda Online

In 2008 Bermuda dropped three places, from 25th to 28th, in the world rankings for financial centres, according to the Global Financial Centres Index, published by the City of London and written by Z/Yen Group. It ranks financial centres based on external benchmarking data and current perceptions of competitiveness. The report, the third of its kind produced, shows that London and New York are the top financial centres in the world, the former due mainly to the good access to the markets, skilled staff and a proportionate regulatory regime. Bermuda declined slightly a result of new entries to the index from offshore and other centres, while the Channel Islands' two main financial centres, Jersey and Guernsey were on the up from joint 23rd to 16th and 19th respectively, and new arrivals Gibraltar and the British Virgin Islands came straight in at 26th and 27th respectively. The Cayman Islands also declined one place to 25th. Bermuda was to be found in the volatile category of financial centre, defined as one that "was not rated as highly, but might be able to move upwards rapidly if they could improve in some respects". Meanwhile, the Island fell between unpredictable and stable in terms of variance of assessments versus sensitivity to instrumental factors.

As far as the value and volume of shares traded on the stock exchange, Bermuda (Hamilton) comes bottom of the pile with $12 million worth of shares, lagging far behind the likes of New York and London with $4.6 trillion and $627 million respectively, while it also secures last place for capitalization of firms listed on the stock exchange at $2.8 billion, but the number of companies trading on each exchange has to be taken into account. The newly-introduced e-readiness index, which calculates the technological, economic, political and social assets of 69 countries and the cumulative impact of these assets on their respective information economies, shows Hamilton to be middle to lower ranking out of 20 centres with a score of 8.59 out of 10, comparing favourably to such leading financial centres as London and the Cayman Islands with the same score, and not too far behind Copenhagen on 8.88. Elsewhere, the global competitiveness index, the rankings of which are drawn from a combination of publicly available hard data and the results of the Executive Opinion Survey, a comprehensive annual study carried out by the World Economic Forum, together with its network of partner institutes, has Hamilton joint last with Edinburgh, London, the Cayman Islands and Jersey out of 20 centres, with a points total of 5.41.

Nevertheless, Bermuda is the business jurisdiction for many international or exempted limited liability companies or corporations. See Bermuda's International Business industry, a profile. Bermuda is also a popular location for registering hedge funds as its legislation allows the flexibility needed by this type of fund. Most are aimed at either high net worth individual investors or institutional investors. 

For those planning to incorporate in Bermuda, some preliminary information will be helpful. 

• If you wish to have a client or clients in the Bermuda market place, a Bermuda local company, not an international one, will apply. It will have to be by law at least 60% beneficially Bermudian (not just someone living in Bermuda but someone who has local nationality, ie Bermudian in addition to being nominally
  British) owned and managed. 

• If you wish to form an international company (corporation) which will not have clients in the Bermuda market but will sell from Bermuda to clients beyond
  Bermuda, then an international or exempted company is possible. It does not have to have any Bermudian ownership or management.

• But in either case, if management and/or staff are not Bermudian, a Work Permit for each non-Bermudian employee will have to be applied for, at some
  cost.  See http://www.bermuda-online.org/employwp.htm.

• As Bermuda does not have a direct tax on individual non-employment-rated personal income but has one on employment, it is not possible for any Bermuda-based corporate entity to claim any Bermuda tax deductibles on any Bermuda or foreign expenses incurred in setting up or running the Bermuda entity.

• In Bermuda all applications for incorporation for either type of corporate entity must be made through a Bermudian law firm -  attorney's office -  in
  Bermuda.  There are quite a few bigger and smaller law firms from which to select.  They all have websites and a variety of information for new and existing clients.

• Bermuda costs of staffing are appreciably  more than in the USA. Cost-of-living is about 380% more than in the USA overall. Economies of scale are not possible in a tiny 21 square mile but hugely affluent island - the wealthiest and most affluent per capita in the world according to the World Bank - with 3,470 people per square mile. 

There is a huge amount of money from overseas invested in Bermuda. According to an International Monetary Fund report on the Island, there were about 1,667 registered mutual (investment) funds in Bermuda, as of September 30, 2007. These comprised some 2,161 investment portfolios with net asset values totaling in excess of $310 billion. Government is making big efforts to tighten its anti-money laundering measures to comply with recommendations made by the IMF. In February 2008  the Bermuda Government tabled in Parliament the Bermuda Monetary Authority Amendment Act 2008 bill, which will aim to, among other things, enlarge the scope of the BMA's powers of assistance to foreign regulatory authorities.

Bermuda has a staggering total of just under $110 billion invested in just hedge funds according to the latest issue of Tax Notes. The article revealed that investors have put in a total of $262.8 billion in Caribbean region hedge funds, which include those domiciled in Bermuda. The article forms part of the Tax Analysts Offshore Project, which works out the assets that non-resident individuals are investing in financial sectors around the world, and, potentially avoiding taxes in their home country.  It states that more than half of the world's hedge funds are legally domiciled offshore, and the four offshore leaders are the Cayman Islands, the British Virgin Islands, the Bahamas and Bermuda. Estimates for the year ended 2006 showed that Bermuda then had $107 billion in hedge fund assets under management, representing 7.7 percent of the world total and 11 percent globally not including the US, which itself accounts for 30.1 percent of the world total. This is a sizeable amount when compared with the world total which grew from $456.4 billion at the end of 1996 to $1.43 trillion at the end of 2006 as the total number of hedge funds expanded from 3,616 to 9,462 over the same period. It falls short of the totals invested in the Cayman Islands, Bahamas and the British Virgin Islands, which represent $470.5 billion, $212.24 billion (in September 2007) and $129.4 billion respectively. All of the 'big five' Caribbean or near jurisdictions make up 52.3 percent of the world total and 74.9 percent of the hedge funds domiciled outside the US.

Other findings, this time by the Hennessee Hedge Fund Advisory Group, estimated a different figure for hedge fund industry assets of $1.535 trillion at the end of 2006, eight percent more than that estimated by HFR. Furthermore, research by the Lipper TASS Hedge Fund Database, revealed that, according to the 2,873 funds with total assets reporting in December 2006, Bermuda has $64.3 billion in estimated assets out of a non-US total of $976.1 billion, with 116 funds, making up 6.4 percent of that total of 1,818 funds domiciled outside the US, and $27 billion in assets, representing 6.6 percent of the non-US figure of $409.9 billion assets for the end of 2006.

Please note that the Bermuda-registered investment and related vehicles and services shown below by name or generally have not been registered or licensed under any United States securities legislation and are not being offered, directly or indirectly, in the United States or in any of its territories or possessions or areas subject to its jurisdiction or to its citizens or persons thereof. "United States" is herein defined meaning the United States of America (including the States and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction including the Commonwealth of Puerto Rico and "U.S. person" means any national, citizen or resident of the United States, a corporation, partnership or other entity created or organized in and under the laws of the United States or any political subdivision thereof, and any estate or trust which is subject to United States federal income taxation regardless of the source of its income.

Entrepreneurs hoping to set up a Bermuda-registered exempted or international company - one that may not trade or offer any of their services in Bermuda with Bermudians, only with other international or exempted companies - use Bermuda as a base for their international operations. But before doing so, they have to give the Bermuda Monetary Authority detailed questions about their identities and business. They mist list all ultimate, direct and intermediate owners of their proposed company and every individual intending to own at least 5 percent of a company must complete a Personal Declaration (PD) form with their full name, spouse's name, residential address, country of citizenship, passport number and date of issue, date of birth, place of birth, occupation and present employer. They are also  asked about their interests in other Bermuda companies, any involvement here or abroad in any bankruptcy proceedings, any criminal offences here or abroad involving fraud or dishonesty. In Bermuda and in any other location where they may be represented as well, their service providers - accountants, lawyers, management consultants, Internet Service Providers, their directors, managements and company secretaries - must also be covered by the "know your client" rule. If they don't get honest answers, they must refuse to act for questionable clients.

In Bermuda, directors owe their fiduciary duty to the company rather than to its shareholders. Shareholders are not required to vote to approve certain fundamental changes, such as a sale of substantially all of the assets of the company. Bermuda law lacks restrictions on corporate dealings with interested directors of the corporation and severely limits the availability of class actions and derivative lawsuits

Some US-based multinational corporations have found that the effective tax rate on income earned from foreign sources can be reduced if they are incorporated in countries that either do not tax corporate income at all or tax the income at a lower rate than the US corporate tax rate. Consequently, some US-based companies incorporate from the outset in so-called 'tax haven' countries. Bermuda is one of the main places for corporate inversion, the term used to describe the process whereby a company moves its headquarters -- which may be nothing more than a post office box -- to a low-tax "enclave" such as Bermuda or the Cayman Islands while leaving its operations and employees in the United States. Even though the U.S. Senate has twice passed legislation designed to prohibit the Department of Homeland Security from doing business with offshore corporations, the provision was removed both times by Republican leadership in the House of Representatives from the final legislation. In addition, some companies that were incorporated in the United States have reincorporated in tax haven countries through "corporate inversion transactions". The US Department of the Treasury states "inversion" describes a broad category of transactions through which a US-based multinational company restructures its corporate group so that after the transaction the ultimate parent of the corporate group is a foreign corporation. There are thousands of them in Bermuda. In the USA, the Multistate Tax Commission, an organization of state governments, says that states are losing billions because of corporate tax inversions in Bermuda and other tax shelters.

In 2007, then-Senator (now US President) Barack Obama vowed to punish Bermuda by vigorously promoting the Stop Tax Haven Abuse Act, (see these references http://www.taxjustice-usa.org/index.php?option=com_content&task=view&id=113&Itemid=79 and http://levin.senate.gov/newsroom/release.cfm?id=269479 which specifically mention Bermuda. On September 23, 2008, hitting on economic and pocketbook themes, then-Senator Barack Obama came  out out with a new ad that day accusing John McCain of supporting tax breaks for businesses that operate in the shelter of Bermuda.

On November 7, 2008, front-page headlines in Bermuda's Mid Ocean News weekly newspaper reported that Dr. Robert Hartwig, President of the New York-based Insurance Information Institute - described as the world's foremost insurance industry think tank - called on Bermuda's insurers to lobby the Obama Administration in the face of threats to close the "tax loophole."  (In March 2008 a Fitch Ratings study of the Bermuda insurance market found that the island's insurers and reinsurers operating in the USA had an effective tax-rate advantage of 15% over their US rivals).

He believes Bermuda's reinsurance sector to be vital to the USA and placed the onus squarely on the islands insurers to "educate  both the new Administration and new Congress on the benefits of Bermuda's international business industry." 

The following were included in his comments: "One of the platforms Obama ran on was to lower taxes for some and raise them for others. It is also the case that the Federal Government is seeking revenues due to the tremendous outlay in the wake of the financial crisis. There has been discussion of closing tax loopholes. In this instance it is incumbent on Bermuda insurers to demonstrate they provide true value-added service to the US marketplace. Bermuda provides a significant amount of capacity necessary for the US insurance and reinsurance marketplace. The cases that Bermuda will make are already well-defined. They need to educate the new Administration on the important role offshore reinsurance plays in providing capacity."  He advised the Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of Bermuda International Companies (ABIC) to be aware of the groundswell of support for the other side of the tax loophole argument, and the other corporations in the USA that oppose the USA tax treatment Bermuda enjoys. 

In February 2009 it was reported that several companies have decided to leave the Island over the past two months to redomicile in either Switzerland or Ireland, including industrial conglomerate Tyco International, engineering company Foster Wheeler, health care products maker Covidien and oil company Weatherford International. Some have hinted that potential imminent changes in US tax laws are behind their decisions.

In the week ending February 20, 2009, the US Congress added a "Buy American" clause to the $787 billion economic stimulus package that President Obama signed. It is not yet known what effect, if any, this will have on Bermuda-based insurance and investment companies.

In early March 2009 US Senator Carl Levin introduced a beefed-up version the Stop Tax Haven Abuse Act, a bill which he originally co-sponsored with Barack Obama last year before he became President, with Bermuda on the list of "secretive jurisdictions" targeted by the Act. Sen. Levin's bill was co-sponsored by fellow Democrats Sheldon Whitehouse of Rhode Island, Claire McCaskill of Missouri and Bill Nelson of Florida, was introduced late on Monday night in the US Senate. The bill goes much further" than Sen. Levin's previous Stop Tax Haven Abuse Act. Sen. Levin believes rich Americans use tax havens to avoid paying around $100 billion in US taxes and the bill is aimed at claiming some of that revenue for the cash-strapped US Government. Bermuda is on the list of "secretive jurisdictions" named in the bill despite the fact that it has had a tax information exchange agreement with the US for more than two decades. New provisions contained in the revamped version of the bill include legislation to force foreign companies that are managed and controlled in the US to pay tax as a domestic company. It also would make it harder to hide assets in an offshore financial centre using a tax structure known as a passive foreign investment corporation, or PFIC. Sen. Levin, chairman of the Permanent Subcommittee on Investigations, said: "Offshore tax haven and tax shelter abuses are undermining the integrity of our tax system and increasing the tax burden on middle income families. We can fight back against secrecy jurisdictions and shut down offshore tax abuses if we have the political will."

• All entities named below are Bermuda-incorporated limited liability companies (corporations) or partnerships.

• No UK or USA or Canadian, etc laws apply in Bermuda to Bermuda-registered companies. If you wish to research any particular company, ask the Registrar of Companies or the Bermuda Monetary Authority, both of the Bermuda Government, under whose jurisdiction they fall, if and how they can help. Please do NOT ask this author.
• Some leading Bermuda-registered American-owned international companies with an active corporate presence do not mention on their websites that they have a Bermuda office. 
• They come mostly - but not solely - from the USA. There has been much publicity and criticism from the USA about this, especially from unions and Democrats. But "the USA is at fault, not Bermuda" said David D. Aufhauser, General Council for the US Treasury Department, when he visited Bermuda in July 2002. He stated that incentives to relocate to Bermuda under corporate inversions arise out of the USA's own tax code. Amending it would be the best way to remove such unintended incentives.
• US companies suing or being sued for Human Rights cases will not have their cases heard under Bermuda Human Rights laws. One reason is because, as a US judge ruled in Los Angeles in August 2003 in a Unocal case, a non-Bermudian corporation cannot conduct business in Bermuda even though it is based here.
• Unlike in the USA from where the vast majority of companies come for corporate inversions in Bermuda, there is no legal requirement in Bermuda for their CEOs to personally certify their company's financial results if of the requisite size, but some of the better ones may be doing so on a voluntary basis.
• Bermuda-based but USA-owned or USA-operated companies can sue or be sued in the USA following a US Supreme Court ruling. Also, from 2003, if relocating to Bermuda from the USA or owned by US investors, they may soon have to tell shareholders they may face capital gains taxes in the USA. Bermuda-based companies owned by USA shareholders may be more impacted by the Sarbanes Oxley Act than other jurisdictions. 
• The shares being offered by Bermuda-based corporations have not been approved or recommended by the United States Securities and Exchange Commission (the "SEC") or any governmental authority and may not be directly or indirectly offered or sold in the United States or to any United States person, except pursuant to an exemption from or in a transaction not subject to, the registration requirements under that legislation.
• Some Bermuda-registered companies are deliberately not listed in the local telephone directory or any other listings.

In March 2009 it was reported that as  UK Prime Minister Gordon Brown and his fellow European leaders prepare for the April 2009 G20 summit in London, where Bermuda and other 'tax havens' will be debated, the island's business sector is being targeted from another direction: the state of New York. New York Governor David Paterson has thrown his weight behind state insurance commissioner Eric Dinallo's plan to bring reinsurance business back from Bermuda to the US by establishing a New York Insurance Exchange (NYIE). Mr. Dinallo intends to have the NYIE up and running by 2010 and plans to narrow the tax gap in order to compete with Bermuda in its most lucrative sector. Mr. Dinallo believes his plan will see insurance jobs move back to New York, which he recently described as a reinsurance "vacuum." While the last incarnation of the NYIE folded in 1987 after losses mounted, those working on the 2010 version believe the current state of the economy will work in New York's favour. "The US currently gets none of the tax revenue from this activity because all of this is in Bermuda, so if we can capture some tax revenue from the business that comes to NYIE, that would be a big benefit," the New York State Insurance Department's Mr. Mais said. "This is particularly important, given the hits that employment in the financial markets has taken recently. The NYIE itself would be a new employer and presumably numerous insurance companies, capital providers, syndicates and brokers would have to hire more people here in New York to work on the exchange. We hope to get favorable tax treatment and a relatively small amount of initial capital committed and the exchange set up, so that as the economy begins to turn around, the facility is available and New York will enjoy the benefits of drawing new sources of capital to our financial markets. There is also the probability that there will be a shortage of reinsurance capital, particularly catastrophe coverage, over the next few years, which will create an opportunity for the NYIE."

Applicable Bermuda laws

• Banks and Deposit Companies Act 1999
• Bermuda Commodities Exchange Act 1996
• Bermuda Commodities Exchange Clearing House Act 1996
• Bermuda Monetary Authority (Collective Investment Scheme Classification) Regulations 1998
• Bermuda Monetary Authority (Financial Institutions) (Control) Regulations 1994
• Bermuda Monetary Authority Act 1969
• Bermuda Stock Exchange Company Act 1992
• BIU Members Credit Union Co Op Society Act 1983
• Commission on Racial Equality (CURE). See Bermuda Government Boards. Melbourne House, Suite 202. 11 Parliament Street, Hamilton HM KX. Telephone (441) 296-0613 or fax (441) 296-9142. In other countries, these racial guidelines and regulations apply only in the public sector. But the Bermuda Government has made them apply in the private sector as well.
• Companies Act 1981
• Credit Unions Act 1982
• Electronic Transactions Act 1999
• Exchange Control Act 1972
• Exchange Control Regulations 1973
• Exempted Partnerships Act 1992
• Insurance Act 1978
• Interest and Credit Charges (Regulation) Act 1975
• Investment Business Act 1998
• Investment Business Regulations 1999
• Limited Partnership Act 1883
• Proceeds of Crime Act 1997
• Proceeds of Crime (Money Laundering) Regulations 1998
• Trusts (Regulation of Trust Business) Act 2001

All Bermuda-registered or Bermuda-based or both, or permit companies. Their areas of business activity are hugely diversified. They include the companies mentioned below. For phone numbers, dial area code 441 first. The author cannot provide any private information or e-mail address on any company, corporation or individual either shown here or not. Please consult the Bermuda Government's Registrar of Companies directly to find out more about a particular company.

A

B

Bacardi International	World headquarters. Pitt's Bay Road, Pembroke. P. O. Box HM 720, Hamilton HM CX. Phone 298-1060. Fax 296-2468. World's largest rum maker. Founded in Cuba in 1862 by Don Facundo Bacardi y Maso. It prospered for years with its secret rum recipe. After the Spanish-American War of 1898, Bacardi gave the world the Cuba Libre and the Daiquiri. But Fidel Castro took control in 1959 and nationalized the plant and assets without compensation. The founder's descendents exiled themselves and began afresh. The Bermuda building was designed by Mies van der Rohe. Major businesses are Bacardi International Limited and Bacardi Capital Limited. Between them, they oversee the worldwide (outside USA) marketing of much of the group's international financial affairs and bulk transportation.  They also market Martini and Rossi vermouth; Asti sparkling wine - which they bought in 1993; Bombay Sapphire Gin from England, Dewars Whisky from Scotland  and New Zealand vodka and gin producer 42 Below. The private Bacardi companies do not disclose financial results. There is also a large office in Miami, Florida. In 2007, Rising demand for deluxe scotch whisky in China, Taiwan, Korea and other Asian countries prompted Bacardi to invest more than $250 million over 10 years  to expand production of its Dewar's brand in Scotland. The Bermuda-based company intends to add a new maturation warehouse and blend centre in Glasgow, which will include new bottling lines and packing equipment. Bacardi is also finalizing options to buy a 100-acre site in central Scotland for a second maturation and blending facility. The Dewar's brand of whisky includes 12-year, 15-year and 18-year maturities and therefore any increase in production has to be planned with a significant lead-up time. Dewar's is the number one selling blended scotch in the US.
Bacardi Holdings	As above, c/o Conyers Dill & Pearman
Bank of America	Two subsidiaries in Bermuda.
BBHF Emerald	c/o Fairfield Greenwich (Bermuda). Hit by the Madoff fraud
Beacon Hill Corporation	P. O. Box HM 1179, Hamilton HM EX. Arranges leases and sales of US manufactured property to be used predominantly outside USA.
Beacon Management	Penthouse Suite, 129 Front Street, Hamilton HM 12. Phone 295-9939. Fax 292-2865.
Becher & Carlson Management	Wessex House, 45 Reid Street, Hamilton HM 12. Phone 295-0519. Fax 295-0933.
Befico Ltd	Merged with Novartis Capital Ltd
Belize Orient Corporation	Sterling House, Wesley Street, Hamilton. Phone 295-5254
Beltship Management	P. O. Box HM 723, Hamilton HM CX. Part of an international shipping group specializing in ship management and self-unloading bulk carriers.
Beluga	Hamilton-based, owned by John Outerbridge. Owns the luxury yacht "Bermudiana" worth $2.8 million which in late 2007 was seized by US authorities in Florida because of a dispute over the alleged non-payment by its owners for $73,000 of service costs. The 27.36-metre Versilcraft Motor Yacht was built in 1991 and underwent a thorough mechanical & cosmetic refit in 2004, including rebuilt main engines, a new generator, fresh paint and a new decor. The spacious layout of the vessel provides four owner/guest staterooms plus accommodation for up to five crew in three cabins, and, with her low maintenance fiberglass construction, unique layout and attractive price, the Bermudiana represents a chartering opportunity for a yachtsman with a large family, lots of friends or the desire to get away with a special someone."
Berco	Pembroke Hall, 42 Crow Lane, Pembroke HM 19. Phone 295-4537. Fax 295-1232. International Investment company, part of Berco Ltd, of the Mitchell empire, owned by billionaire Bermuda resident Peter Green, long-time contributor to the UK's Labour Party.
Bergesen	Major shipping company
Berkshire Hathaway	Investments.  CEO is Warren E. Buffett
Bernhard Schulte Shipmanagement (Bermuda) LP.	Richmond House, 12 Par-la-Ville Road, Hamilton HM 08. Phone 295-0614 or fax 292-1549 or cell 505 2657. Operates chemical tankers.
Bestway International Holdings	C/o Codan Services Ltd
BI	Owned by and controlling the worldwide business interests of the British twins of David & Frederick Barclay, among Britain's 500 richest people. Their property includes the Scotsman and Daily Telegraph newspapers (the latter bought on 22nd June 2004 for £650 million - and Ritz Hotel in London.
Birketu Pty	Private investment company of Bermuda-based Australian billionaire Bruce Gordon
BISYS Hedge Fund Services	Formerly Hemisphere Management Limited. Hemisphere House, P. O. Box HM 951, Hamilton HM DX. Phone 295-9166. Fax 292-6145. One of the leading fund administration groups in the world, with assets exceeding $45 billion and third-largest administrator of hedge funds. Established in Bermuda in 1981, with 142 out of the total of more than 276 staff and subsidiaries in Dublin and Boston. A wholly-owned subsidiary of Mutual Risk Management Ltd. Hit by the Madoff fraud.
Blad Foundation
BNY Alternative Investment Services. (Formerly International Fund Administration, or IFA)	Suite 464, 48 Par La Ville Road, Hamilton HM 11. Hedge fund administrator and International financial services, providing comprehensive fund administration services for offshore and US investment companies. Bank of New York acquired IFA in late 2002.
Boston Company Advisors (Bermuda)	Trenwick House, Church Street, Hamilton. Phone 295-4107.
Brazilian Renewable Energy Company (Brenco)	Since 2007. An ethanol company with prominent foreign investors. Founding shareholders included venture capitalist Vinod Khosla, American supermarket magnate Ron Burkle, America Online founder Steve Case, former World Bank President James Wolfensohn and film producer Steven Bing. Brenco sells ethanol to the huge domestic market, and exports it amid rising international demand. It is expected to produce 3.8 billion liters (1 billion gallons) annually within the next ten years. Brazilian ethanol makers produced 17 billion litres (4.5 billion gallons) last year, and exported 3.4 billion litres (900 million gallons). The company has its headquarters in Brazil’s largest city of Sao Paulo, near the sugarcane fields where most Brazilian ethanol is produced.
Bright International Group	C/o Codan Services Ltd
Brilliance China Automotive Holdings	Established in 1992 to own a 51% interest in Shenyang JinBei Passenger Vehicle Manufacturing Company Ltd., of China. It manufactures and distributes mini-buses in China. It was the first company with operations solely in China to list on the New York Stock Exchange. A subsidiary, Brilliance China Trucks Holdings Ltd., changed its name in late 1996 to China Automotive Co. Ltd.
Brunswick Russian Directional Fund
Brunswick Russian Growth Fund
Bunge	World's top soybean exporter and oilseed processor. In late 2002 it formed a venture, Solae LLC,  with Dupont Co. to make soy ingredients.
BW Gas	World's largest operator of liquefied natural gas tankers.

C

 For all listed international non-insurance companies see

Also see Bermuda's Leading Insurance Managers