Former Carey Olsen partner and experienced Bermudian practitioner Sam Stevens took a bold step last year.
He left private practice to launch a new arbitration centre for Bermuda, saying he needed to “finally get the venture off the ground”, reflecting a recognition that the island’s leading (re)insurance market needed a fit‑for‑purpose forum to match the complexity and volume of the disputes it already attracts.
The result? The Bermuda International Mediation and Arbitration Centre (BIMAC) is set to launch this year, turning long‑running conversations into concrete action.
BIMAC’s proposed physical footprint will provide just under 10,000 square feet of technology-enabled hearing and break‑out rooms in Bermuda’s capital Hamilton, supported by evidence transcription, live translations, virtual hearing rooms, case managers, document management systems and a comprehensive concierge service.
It will host both ad hoc proceedings and arbitrations administered by other institutions, and will also publish its own institutional rules for arbitration and mediation, providing users with modern tools and flexible administration from day one, in line with its US and Caribbean rivals.
The case for siting such a centre in Bermuda is compelling. Bermuda’s market is already home to some of the most sophisticated insurance disputes on the planet. Bermuda Form disputes commonly arise across high‑severity, complex insurance claims, usually involving London‑seated arbitration applying New York substantive law.
The scale of those disputes arguably justifies the interest, as Bermudian practitioners work closely with London and New York insurers, supported by leading sets like 7 King’s Bench Walk, 4 Pump Court, Brick Court and Quadrant Chambers.
Major law firms – including Kennedys, Clyde & Co and Freshfields, alongside K&L Gates, Covington & Burling, Jones Day and firms like Appleby, Conyers and others – are already active across cases that range from pandemic‑era coverage claims to pharmaceutical cases involving the opioid crisis and ‘forever chemicals’, as well as pollution claims.
Bermuda’s legal community understands the opportunity. As Mark Chudleigh, managing partner of Kennedys Bermuda, put it: “It is exciting to see the plans for BIMAC come to fruition after years of discussion.
“Bermuda has all the key elements for an international arbitration centre: a strategic location – two hours to New York and six hours to London; familiarity with arbitration as a result of its universal adoption by Bermuda’s international insurers for resolving disputes; excellent hospitality infrastructure; a wide choice of professional services providers; and access, when required, to experienced commercial judges and the Privy Council in London as Bermuda’s highest appellate court.”
He added: “To me, the model to emulate is Singapore, which has established itself as a premier international arbitration centre with a huge catchment area covering Asia and beyond.”
That practical perspective is echoed at the Bar. Alex Potts KC of 4 Pump Court notes that Bermuda is often chosen as an arbitration seat to resolve ad hoc international insurance and reinsurance disputes involving the Bermuda insurance sector and North American corporate policyholders or investors, among others.
Yet he candidly observes that “the historic absence of a dedicated arbitration centre, let alone a dedicated hearing venue of the sort found in other jurisdictions, has inevitably meant that several arbitrations that could have been held in Bermuda have been held elsewhere, in London or Toronto, for example”.
His conclusion was measured but optimistic: “Although there is very strong competition from several excellent arbitration centres around the world, there is no reason at all why a well‑run Bermuda‑based arbitration centre could not become a success over time, with the active and sustained support of Bermuda’s insurance industry and private sector.”
Governance and credibility will matter, and here BIMAC starts with an impressive bench. The centre’s advisory committee includes barrister and arbitrator Jeffrey Elkinson; international arbitrator and Justice of Appeal for Bermuda, Dame Elizabeth Gloster DBE of One Essex Court; David Scorey KC of Essex Court Chambers in London; and high‑profile insurance partner John Ellison of Reed Smith.
As Elkinson noted: “Bermuda has waited a long time for a designated arbitration centre. Many have tried, and now, thanks to Sam’s energy and drive, this will soon be a reality. It is a hugely positive development for the jurisdiction.”
Leadership is a further advantage. Stevens, who has more than 15 years’ experience as an arbitration lawyer, makes his motivation explicit – it will benefit Bermuda.
“The evidence is irrefutable that successful institutions drive inward direct investment to the countries in which they are based, improve the administration of justice and create education and employment opportunities,” Stevens said.
Crucially, the judiciary and government are publicly supportive. Chief Justice of Bermuda Larry Mussenden called the news “a highly welcome and important development”, adding that BIMAC would complement judicial work by providing parties with access to efficient, flexible dispute-resolution processes, while preserving the courts’ pivotal supervisory and supportive role in arbitration.
He added: “Bermuda’s courts have a well‑established commitment to supporting arbitration, in accordance with the New York Convention. The courts consistently act to uphold valid arbitration agreements, facilitate arbitral proceedings where appropriate and enforce arbitral awards, thereby providing the legal certainty that domestic and international users alike require,” along with encouraging ADR, particularly through the early use of mediation.
Bermuda’s Attorney General Kim Wilkerson agrees, saying that the centre “has the potential to offer great benefits to the island, including enhancing Bermuda’s reputation as a premier international financial centre”.
Noting Stevens’ experience and dedication, she said the government would continue to engage with BIMAC stakeholders “to explore ways we can support this initiative as it develops”. Watch this space.
Email your news and story ideas to: [email protected]
