Bermuda:Re
Bermuda Re/insurance . June 2009
Bermuda Re/insurance is published
Editorial
by Newton Media Limited.
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Group managing editor: Delroy Alexander
Telephone: +44 208 466 7045
Email: dalexander@newtonmedia.co.uk
Deputy editor: Samantha Birch
Telephone: +44 208 290 0996
Email: sbirch@newtonmedia.co.uk
It is no surprise that capacity and capital remain scarce
Consulting editor: Roger Crombie
Sub-editor: Susan Gault
resources given the current economic circumstances.
Editorial advisors: Bradley Kading
Bermuda’s re/insurers have found themselves among
David Fox
Publishers: John Eddington a select group with available capital in the first half of
Nicholas Lipinski
Advertising: John Eddington
the year.
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In theory, the current economic conditions The proposed merger comes as Max celebrates
Suite 239 should lead to a relatively robust hard market for its first decade, in which it has been transformed
Toronto, Ontario
re/insurers. But, in practice, this is yet to emerge. from a structured products reinsurer to a leading
M6K 3E3 Canada
As PartnerRe chief executive Patrick Thiele Bermuda-based traditional re/insurance giant
Telephone: +1 416 533 7171
Fax: +1 416 535 7526
emphasises (page 20), these are indeed unusual (page 8).
Email: info@stranoandpettigrew.com times. It remains difficult to identify a clear
Whatever happens with the proposed
www.stranoandpettigrew.com
emerging picture, a point stressed by Thiele and IPC deal, it is markedly obvious that further
©Newton Media Limited 2009.
highlighted in our look at how mid-year renewals consolidation is in the air as others look to
All rights reserved.
are likely to impact on business (page 14). solidify their positions and strengthen going
No part of this publication may be reproduced,
The picture is now more mixed, depending forward.
stored in a retrieval system, or transmitted in any
form or by any means, electrical, mechanical,
on particular lines of business and geographic
With the future in mind, we also investigate
photocopying, recording or otherwise without the locations, than at other recent periods.
the growing possibilities for Bermuda companies
prior written permission of the publisher.
Thiele also points out that the business and capital in the Middle East (page 50). A
The views expressed in Bermuda Re/insurance
environment has changed, with management number of Bermuda-based re/insurers have
are not necessarily those shared by the publisher,
Newton Media Limited. Wishing to reflect the
needing to be more flexible than ever to cope opened offices in this small but burgeoning
true nature of Bermuda, the editor has included
with the many challenges ahead. Companies market, which to date is largely untapped.
articles from a number of sources, and the views
require sound processes, procedures and
The Middle East offers not only the promise of
expressed are those of the individual contributors.
platforms to be able to adapt to fast-changing
uncharted territory, but potential diversification
No responsibility or liability is accepted by
Newton Media Limited for any loss to any person,
conditions, he says. benefits that could bring added balance at a
legal or physical, as a result of any statement, Few are likely to change more than IPC time of unstable economic conditions in other
fact or figure contained in Bermuda Re/insurance.
Holdings, which is in the process of merging major markets of the world.
This publication is not a substitute for advice on a
with Max Capital and fending off a hostile With the majority of Bermuda re/insurers
specific transaction.
approach from Validus Holdings. Max and having significant catastrophe exposures in the
The publication of advertisements does not
represent endorsement by the publisher.
IPC intend to merge in order to capitalise on US, Europe and other parts of the world, the
Bermuda Re/insurance—ISSN 1749-4508
each other’s strengths and build a more stable, largely non-cat market of the Gulf could help
Cover image:
virtually debt-free business with more than balance out portfolios and continue to expand
©iStockphoto.com/MAEK123/subman/zoom-zoom $3.0 billion in equity. re/insurance horizons.
Bermuda Re/insurance . June 2009 3
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