Bermuda
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Bermuda is a self-governing colony of the United Kingdom. It has a population of approximately 60,000 people on a land mass of 20 square miles. It is located in the Atlantic Ocean, 760 miles due east of Cape Hatteras, North Carolina. Surrounded by coral reefs and the Gulf Stream, Bermuda remains a popular destination for tourists but the excellent infrastructure and the high standard of living has made it a magnet for many international companies, particularly the Fortune 500 companies, which, in seeking an offshore base, require that they only associate with a jurisdiction that has the highest standards. Bermuda is also home to the world's largest reinsurers and its name is synonymous with reinsurance in the way that Lloyds once was. In this environment, the branch has thrived, having a large number of members for the size of the population and a disproportionate number of fellows of the institute. Domestic arbitration is governed by a statute that has its foundations in English legislation but international arbitrations are governed by the Model Law which was adopted and brought into force by the 1993 statute. Bermuda is working to provide the facilities so that it can finally establish itself as a major international arbitration centre.
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