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Obama not making direct reference to Bermuda, the Island was on a list of jurisdictions taken from Internal Revenue Service court filings identified as 'probable locations for US tax evasion' under the 'Stop Tax Haven Abuse Act' introduced by Sen. Obama, Democratic Sen. Carl Levin and Republican Sen. Norman Coleman last year.
Mr. Kephart said that the removal of sub-prime mortgage securities was positive for the Island's re/insurance market.
'Anything that continues to stabilise the reinsurance market by providing an opportunity for these securities that continue to plague these organisations to be removed from the equation is a positive for us,' he said.
But he warned that Sen. Obama's threats over tax havens could come to fruition if he got into power and that Bermuda might well be in the firing line.
'Our next big challenge in the short-term is related to the US election, because we have got on the one hand Barack Obama promoting closing tax havens and I am concerned about Bermuda being included as a tax haven,' he said.
'Ithink the bailout plan creates some stability and look forward to what is happening in the reinsurance industry, but I think the next side of it regarding the election should be of concern to us, but we will just have to wait and watch on that one

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