Bermuda:Re
BermudaReinsurance . September 2006
Contents
For reinsurers, do BBBs make the grade? 06
Standard & Poor’s Ratings Services asks how the reinsurance
Standard & Poor’s Ratings Services markets will react to the ramifications of a post-Katrina world.
Why not the “Class of 2006”? 10
New companies formed in Bermuda in 2006 do not merit
Roger Crombie being called a “Class”, but they should.
CEO Survey: Surviving a $100 billion loss 12
Bermuda’s chief executive officers agree that the world would
Bermuda Reinsurance be able to manage the economic effects of a major catastrophe.
Life, the hurricanes, and everything 20
The Bermuda reinsurance sector has been experiencing an
Roger Crombie unusually diverse summer. Roger Crombie looks at the state
of the market.
Weather report: The hurricane cases so far 30
Vincent J. Vitkowsky addresses legal issues resulting from
Vincent J. Vitkowsky Hurricane Katrina.
Max be nimble, Max be quick 34
For the second time in six years, Max Re has augmented
Roger Crombie its strategy, responding promptly and efficiently to market
changes.
Explosive securitisation growth splits between 38
A.M. Best comments on developments in capital markets
life and non-life
alternatives to reinsurance.
A.M. Best
The Devil’s Isle is the insurers’ paradise 40
Neil Horner and Marc Daniels discuss recent developments
Neil Horner and Marc Daniels in Bermuda in the wake of the 2005 storms, with particular
reference to sidecars.
Reinsurance investment 44
Bob Litterman describes a source of potential return between
perspectives: A look at exotic beta
alpha and beta.
Bob Litterman
Immigration gets a bad rap 50
Doug Soares takes an even-handed look at one of Bermuda’s
Doug Soares most emotional concepts: work permits for foreign labour.
Reinsurance trusts: The clear alternative to 54
Robert Quinn reviews a less costly, and less complicated,
letters of credit
financing mechanism for reinsurers.
Robert Quinn
Personal lines: Bermuda shorts are vanishing 57
Brad Kading describes how the business culture is changing
Brad Kading in the ‘new’ Bermuda.
BermudaReinsurance . September 2006 5
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