Local law firms Appleby, Conyers, Carey Olsen Bermuda Limited, Wakefield Quinn and Walkers have all received Tier 1 rankings from international legal directory Legal 500 Caribbean.

Appleby and Conyers received Tier 1 rankings in six practice categories while Carey Olsen received two Tier 1 rankings.

For Conyers, they included: banking, finance and capital markets; corporate and commercial; dispute resolution; insurance/reinsurance; real estate; and, trusts/private client.

For Appleby, they included: banking, finance and capital markets; corporate and commercial; dispute resolution; insurance/reinsurance; regulatory and compliance; and, trusts/private client.

Carey Olsen maintained its Tier 1 rank in the trusts/private client category and was promoted to Tier 1 in dispute resolution for the first time.

Walkers received a Tier 1 rank in the regulatory and compliance category, and Wakefield Quinn ranked Tier 1 in real estate.

The Legal 500 legal market overview said of Bermuda: “Belying its size, the ‘world’s risk capital‘ has one of the highest per capita income rates and an A+ long-term issuer rating (KBRA) driven by its buoyant offshore financial services, insurance and reinsurance sectors.

“It is in the latter two industries where the jurisdiction most conspicuously thrives. Following a decades-long history of regulatory innovation, Bermuda is now the world’s second and third largest centre for captive insurance and reinsurance domiciliation, respectively – as well as the greatest supplier of catastrophe reinsurance coverage to US insurers.

“While tourism previously accounted for more than a quarter of the archipelago’s GDP, the pandemic had a predictably devastating effect on visitor numbers.

“With many of its Caribbean neighbours having already relaxed entry requirements in line with broader global trends in Covid-19 management, Bermuda joined them at the end of October 2022; pre-travel tests will no longer be mandatory.

“This will come as a relief with rebounding income from tourism expected to shore up the revenue gulf created by the withdrawal of Russian aircraft certification work.”

For the full list of rankings see www.legal500.com/c/bermuda.