I wonder how many Bermudans are on the payroll? Bermuda "corporate headquarters" is a closet with a filing cabinet. The company is headquartered in New York City and has an American CEO. Looking at the Board of Directors, it looks like ten are Americans, one British, one German, and one Japanese.
Like more and more US companies, they have chosen to incorporate in the offshore haven of Bermuda.
You, sir, are spot on.