Bermuda:Re
Bermuda Re/insurance . February 2008
Editorial
Bermuda Re/insurance is published quarterly
by Newton Media Limited.
Newton Lodge
15-17 Newton Way
Woolsthorpe-by-Colsterworth
NG33 5NR, United Kingdom
Group managing editor: Bill Lumley
Email: blumley@newtonmedia.co.uk
Consulting editor: Roger Crombie
Editorial advisors:
As the global markets turn full cycle, this edition of Bermuda
Bradley Kading
David Fox
Re/insurance shows there is good reason for players in the
Sub-editor: Susan Gault
Bermuda market to feel optimistic.
Publishers: John Eddington
Nicholas Lipinski
Advertising: John Eddington
Bill Lumley—Managing editor
Telephone: +44 1476 861 737
Email: john@newtonmedia.co.uk
Advertising: Nicholas Lipinski
Telephone: +44 020 8290 4943
Email: nlipinski@newtonmedia.co.uk
Production and design:
Strano and Pettigrew Design Associates Inc.
67 Mowat Avenue
Suite 239
Toronto, Ontario
M6K 3E3 Canada The reinsurance markets globally took a string example, in 2005 alone, Bermuda firms accounted
Telephone: +1 416 533 7171
of hits in the last quarter of 2007, but that is for as much as $96 billion of the gross output for
Fax: +1 416 535 7526
precisely what they expected to occur, and it was
the US insurance market. The US is increasingly
E-mail: info@stranoandpettigrew.com
www.stranoandpettigrew.com
in anticipation of such a change that the Bermuda
going to benefit from this kind of support in the
©Newton Media Limited 2008.
market has been behaving prudently over the past
coming months as global economic downturn
All rights reserved.
two years.
descends. Now that the ABIR report has been
No part of this publication may be reproduced, There is global interest in the string of sobering
published, is it too much to expect that the US
stored in a retrieval system, or transmitted in any
year-end results dented by those Q4 experiences.
authorities will treat Bermuda with more of the
form or by any means, electrical, mechanical,
But by focusing on the strengths of the domicile
photocopying, recording or otherwise without the
kind of respect it richly deserves?
prior written permission of the publisher.
itself, highlighted in the pages of Bermuda
The key thrust behind the BMA’s own business
The views expressed in Bermuda Re/insurance
Re/insurance, participants can take considerable
plan is unveiled in this edition by the regulator’s
are not necessarily those shared by the publisher,
comfort from the intensive concentration of skills
CEO, Matthew Elderfield, who outlines the
Newton Media Limited. Wishing to reflect the and sophisticated market techniques in place
true nature of Bermuda, the editor has included
regulatory initiatives the market can expect.
here. Collectively, these will not simply enable
articles from a number of sources, and the views
Bermuda to weather the storm, but will help the
These include new risk-based capital standards
expressed are those of the individual contributors.
local reinsurance market to come out leaner, fitter
for insurance companies, strengthening anti-
No responsibility or liability is accepted by
Newton Media Limited for any loss to any person, and even more able punch its weight above other
money laundering supervision, implementing
legal or physical, as a result of any statement, fact
markets.
Basel 2 standards for banks and investment
or figure contained in Bermuda Re/insurance.
Bermuda’s formidable strengths, which attract so
firms, and the development of new standards for
This publication is not a substitute for advice on a
much of the professional talent here, are reflected
insurance groups.
specific transaction.
The publication of advertisements does not
by ABIR’s report, published at the end of last year,
Such tightening of an already formidable
represent endorsement by the publisher. which quantifies just how much financial benefit
regulatory regime serves to underline just what a
Bermuda Re/insurance - ISSN 1749-4508 it has been generating for the US economy. For dependable market Bermuda continues to be
Bermuda Re/insurance . February 2008 3
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