Bermuda:Re
BermudaReinsurance . September 2006
Editorial
Bermuda Reinsurance is published quarterly
April 1, 2007 looms large. That is the latest possible date
by Newton Media Limited.
Newton Lodge
by which all those non-Bermudian employees who have
15-17 Newton Way
Woolsthorpe-by-Colsterworth
spent six consecutive years working in Bermuda must leave.
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Editor: Roger Crombie, FCA
Elsewhere in these pages, Doug Soares presents a superbly
Email: editorial@newtonmedia.co.uk
Sub-editor: Susan Gault balanced view of this issue, although he fails to discuss two
Publishers: John Eddington
Nicholas Lipinski
aspects that fall outside the remit of his article.
Advertising: John Eddington
Telephone: +44 1476 861 737
Email: john@newtonmedia.co.uk Roger Crombie, FCA–Editor
Advertising: Nicholas Lipinski
Telephone: +44 2083 133 967
Email: nlipinski@newtonmedia.co.uk
Production and design:
Strano and Pettigrew Design Associates
67 Mowat Avenue
Suite 239
Toronto, Ontario One aspect is the reason for the new policy. It is The second area Mr. Soares ignores is the
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not, as many have surmised, Bermudians’ distrust effect this policy is having on the psyche of work
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of a system that appears to favour the foreign—and permit holders. In this regard, full disclosure
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E-mail: info@stranoandpettigrew.com
the white—at the expense of the Bermudian, or requires me to point out that my fifth annual
www.stranoandpettigrew.com
the black. The policy was introduced, in Bermuda work permit will expire in November. It might
Printed by Pensord, UK
as it has been elsewhere (e.g. the US, Cayman et be renewed, but 90 days ahead of a possible
©Newton Media Limited 2006.
al), because of an arbitrary ruling by the United deportation, I cannot guess at what will become
All rights reserved.
Nations that a person who has lived and worked of me. If I had children, I’d be long gone.
No part of this publication may be reproduced, in a country for 10 consecutive years “belongs”,
Everyone fully supports limiting immigration
stored in a retrieval system, or transmitted in any
i.e. is entitled to the same rights as those born or
to this tiny island paradise, but the present
form or by any means, electrical, mechanical,
naturalised there.
process leaves valued employees uncertain where
photocopying, recording or otherwise without the
prior written permission of the publisher.
Thus, the Bermuda Government introduced a they will be living next week.
The views expressed in Bermuda Reinsurance are
six-year permit limit, with a potential three-year
Bermuda, understanding how its bread is
not necessarily those shared by the publisher, extension, to obviate the possibility of foreigners buttered, has exempted most insurance personnel
Newton Media Limited. Wishing to reflect the
gaining Bermuda status. The villain of the piece,
from its new policy. To the insurance sector, the
true nature of Bermuda, the editor has included
as so often, is well-intentioned meddling by the
new policy just means more paperwork. For
articles from a number of sources, and the views
United Nations.
expressed are those of the individual contributors.
those employed in other industries, it means
No responsibility or liability is accepted by
Bermuda’s reinsurance industry would vanish considerable instability.
Newton Media Limited for any loss to any person, without foreign-born labour. There are but 43,000-
In attempting to help expatriate workers,
legal or physical, as a result of any statement,
odd Bermudians, and it would be wishful thinking
the United Nations played into the hands of
fact or figure contained in Bermuda Reinsurance.
to suggest that 10 percent of them could quickly
This publication is not a substitute for advice
xenophobic governments everywhere. Throwing
on a specific transaction. The publication of
acquire the necessary professional qualifications
out the best and brightest to satisfy the whim
advertisements does not represent endorsement by
and experience required by the reinsurance sector.
of the least is simply a bad idea. Bermuda’s
the publisher. Besides, if such were possible, 4,000 other jobs
immigration policy wasn’t broke, but the United
Bermuda Reinsurance - ISSN 1749-4508 would require foreigners to fill them.
Nations fixed it anyway
BermudaReinsurance . September 2006 3
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