Bermuda has now concluded successful negotiations on tax information exchange agreements (TIEAs) with all G7 countries, after reaching an agreement with Italy.

Finance Minister Paula Cox said yesterday she expects the TIEA to be signed before the end of this year after Italy has carried out its internal approval process.

The TIEA will provide for a full exchange of information on criminal and civil tax matters between the two countries.

Minister Cox said: "Bermuda's proposed treaty with the Italian Republic signifies the achievement of our strategic objective to conclude negotiations of tax information exchange agreements with all G7 countries. I am extremely pleased that we have reached this pivotal goal.

"Currently, there are 160 entities in Bermuda with an Italian interest, and this agreement will, upon signing later this year, bring benefits for Italian investors in Bermuda's companies and help boost commerce between the two jurisdictions."

The G7 is made up of the countries with the world's largest industrialised economies, excluding developing economies. Apart from Italy, they are the US, Japan, Germany, the UK, France and Canada.

Leila Madeiros, senior vice-president of the Association of Bermuda Insurers and Reinsurers (ABIR) said: "Bermuda global reinsurers have an estimated 11 percent of the broker-placed reinsurance placed for Italy's domestic insurers and an estimated 40 percent of European windstorm and flood insurance to European insurers."

She said the TIEA would help to to solidify existing Bermuda business relationships in Europe.

Bermuda has 21 signed TIEAs to its name.