Bermuda:Re
Bermuda Re/insurance . September 2009
Bermuda Re/insurance is published
by Newton Media Limited.
Editorial
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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
Consulting editor: Roger Crombie
Sub-editor: Susan Gault
Editorial advisors: Bradley Kading
David Fox
Publishers: John Eddington
Nicholas Lipinski
There is little doubt that the world
Advertising: John Eddington
Telephone: +44 1476 861 737 as we know it has changed.
Email: john@newtonmedia.co.uk
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Production and design:
Strano and Pettigrew Design Associates Inc. As global markets come to terms with the our table by imposing ill-advised tax legislation
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post financial turmoil world, the Bermuda aimed at bringing offshore business back to the
Suite 239
re/insurance sector is adjusting to new realities Eagle’s nest.
Toronto, Ontario
M6K 3E3 Canada
on several fronts.
But, as always, the Bermuda re/insurance
Telephone: +1 416 533 7171
Almost everyone, including the five leading market has responded with verve and
Fax: +1 416 535 7526
chief executive officers we surveyed (page imagination.
Email: info@stranoandpettigrew.com
www.stranoandpettigrew.com
14), expects the recent spate of mergers and
The sector has rightly taken on the US legislature,
©Newton Media Limited 2009.
acquisitions activity to continue to grow. Once
pointing to the likely rise in household premiums
All rights reserved.
venerable names are likely to be absorbed or
if they are forced to adhere to unpopular new
No part of this publication may be reproduced, disappear as most major market players look business taxes. A powerful coalition across the
stored in a retrieval system, or transmitted in any
at ways to efficiently manage their risk and entire re/insurance sector has come together to
form or by any means, electrical, mechanical,
optimise their balance sheets. fight an impressive rearguard action.
photocopying, recording or otherwise without the
prior written permission of the publisher.
Regulators, including the Bermuda Monetary Regulation has been welcomed as a way to
The views expressed in Bermuda Re/insurance
Authority, are strengthening all elements of ensure a level playing field, and underwriting
are not necessarily those shared by the publisher, their approach. In the move towards Solvency
discipline has remained the order of the day.
Newton Media Limited. Wishing to reflect the
II equivalency, group-wide supervision will
Re/insurers have diversified effectively,
true nature of Bermuda, the editor has included
bring with it greater scrutiny of company
articles from a number of sources, and the views
becoming increasingly influential players at
expressed are those of the individual contributors.
structures, adding fresh pressures on capital
Lloyd’s of London (page 20) and in other key
No responsibility or liability is accepted by and adequate allocation.
markets around the world.
Newton Media Limited for any loss to any person,
Surplus supply has meant that re/insurance rates
legal or physical, as a result of any statement,
Rather than sit back and wait for events to
fact or figure contained in Bermuda Re/insurance.
have not edged up as quickly as many suspected.
unfold, Bermuda’s re/insurers are actively looking
This publication is not a substitute for advice on a Cash, which was so plentiful just 18 months to shape the new world order. They have not only
specific transaction.
ago, also continues to be costly and in relatively gotten into the game but, in many instances, have
The publication of advertisements does not
short supply ahead of a critical Florida season become an ally or friend of the referee.
represent endorsement by the publisher.
that will have many an underwriter hoping ill
Such a proactive approach augurs well for the
Bermuda Re/insurance—ISSN 1749-4508
winds don’t blow too hard this autumn.
future and continues a tradition of enlightened
Cover image:
©iStockphoto.com/
And let us not forget the hand of Uncle Sam, and imaginative self-interest that has seen the
Graphically amended image. which again threatens to sweep the crumbs from sector grow and prosper in the recent past.
Bermuda Re/insurance . September 2009 3
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