In our view, consistency, transparency, and equal capital for equal risk are the only things standing between a system that policyholders can trust and one that may pose risks.

This episode of Athene: In Context takes us offshore, where Mike Downing and John Golden draw a clear distinction between Bermuda, the largest offshore reinsurance jurisdiction in the world, with capital, transparency, and governance standards consistent with those of the U.S., and the Cayman Islands, where a "choose your own adventure" approach to capital and regulation is creating contagion risk.