Platinum Bermuda definition

Platinum Bermuda means Platinum Underwriters Bermuda, Ltd., an exempted company incorporated in Bermuda.

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Platinum Bermuda means Platinum Underwriters Bermuda, Ltd., a Bermuda insurance company and a wholly owned subsidiary of the Company.

Platinum Bermuda has merged into RSRL and, in turn, RSRL has merged into RRL. RRL continues as the surviving corporation pursuant to s104A of the Companies ▇▇▇ ▇▇▇▇ of Bermuda. RRL acknowledges and agrees that, as the surviving corporation, it has assumed all of the rights and obligations of RSRL and Platinum Bermuda under all of the Facility Documents, including without limitation, the L/C Agreement, the RSRL Pledge Agreement, the RSRL Control Agreement, the Platinum Bermuda Pledge Agreement, and the Platinum Bermuda Control Agreement. Without limiting the generality of the foregoing, RRL acknowledges that it has assumed the obligations of RSRL and Platinum Bermuda under the L/C Agreement with respect to any letters of credit that remain outstanding in the name of RSRL or Platinum Bermuda. RRL desires to transfer all property held in the RSRL Account and the Platinum Bermuda Account simultaneously into the RRL Account. The Bank has agreed to this transfer and to the termination of the RSRL Pledge Agreement, the RSRL Control Agreement, the RSRL Master Agreement, the Platinum Bermuda Master Agreement, the Platinum Bermuda Pledge Agreement and Platinum Bermuda Control Agreement in accordance with the terms of this Termination.

Examples of Platinum Bermuda in a sentence

• Control Agreement dated as of November 26, 2002 (the “Control Agreement”), by and among Platinum Bermuda, Platinum UK and State Street Bank and Trust Company.

• Platinum Bermuda is registered as a Class 4 insurer and is regulated as such under the Insurance Act.

• Platinum UK or Platinum Bermuda may be subject to reinsurance premium excise taxes in the US (1%) and certain other jurisdictions.

• Accordingly, the meaning of the RPII provisions and their application to Platinum UK and Platinum Bermuda is uncertain.

• Our effective tax rate will reflect the proportion of income recognized by our operating subsidiaries with Platinum US taxed at the U.S. corporate income rate (35%), Platinum UK taxed at the U.K. corporate tax rate (generally 30%), Platinum Ireland taxed at the Irish corporate tax rate (25% on non-trading income and 16% on trading income, the latter rate to be reduced to 12.5% as of January 1, 2003), and Platinum Bermuda taxed at a zero corporate tax rate.

• Upon completion of the Public Offering, Platinum Holdings and Platinum Bermuda, under current rates, will pay annual Bermuda government fees of BD $27,825 and BD $3,635, respectively, and Platinum Bermuda currently pays annual insurance fees of BD $16,540.

• Platinum UK and Platinum Bermuda are wholly owned operating subsidiaries of Platinum Holdings.

• The Board of Directors of Platinum Bermuda reserves the right to amend or terminate any employee benefit plan or arrangement at any time, and to adopt any new plan or arrangement.

• The Insurance Act, which regulates the insurance business of Platinum Bermuda, provides that no person may carry on any insurance business in or from within Bermuda unless registered as an insurer under the Insurance Act by the Bermuda Monetary Authority, which is responsible for the day-to-day supervision of insurers.

• Further, Platinum Bermuda will not be entitled to the benefits of the Bermuda treaty unless: - more than 50% of Platinum Bermuda's stock is beneficially owned, directly or indirectly, by Bermuda residents or U.S. citizens or residents, and - Platinum Bermuda's income is not used in substantial part to make disproportionate distributions to, or to meet certain liabilities to, persons who are not Bermuda residents or U.S. citizens or residents.