new york u.s. money managers reinsurance company bermuda cayman islands could lose valuable loophole republican proposals overhaul tax code unveil thursday plan include 20 percent excise payment payments domestic firm foreign affiliate could affect private equity firm hedge fund overseas reinsurance operations proposal would effectively kill so-called bermuda reinsurance loophole money managers able invest premiums raise reinsurers fund without pay tax gain plan part 429-page bill would represent large overhaul u.s. tax system since 1980s many analysts raise doubt likelihood pass nl2n1n80e2 base call tax package fail would remove immediate threat bermuda reinsurance loophole say jaret seiberg analyst cowen washington research group however say risk expect small bill deficit-finances temporary tax cut extend next presidential election possible could revenue offset bill share private equity firm apollo apo.n end percent thursday bermuda-based division athene hold ath.n close nearly percent weak athene reinsure retirement save products people institutions help drive profit apollo third point tpre.n bermuda-based reinsurance arm hedge fund third point finish 0.6 percent weak greenlight glre.o caymans reinsurer run hedge fund greenlight end 0.23 percent representatives greenlight third point immediately available comment include draft also proposal would exclude non-traditional insurers base overseas include hedge fund investors qualify favorable tax rat certain insurance-related assets type reserve unearned premiums represent less 25 percent business threshold bill high say bradley kading president executive director association bermuda insurers reinsurers alternative capital vehicles take real losses hurricanes harvey irma maria kading say u.s. tax plan threaten wall street 's bermuda idyll