Bermuda:Re
BermudaReinsurance . February 2007
Editorial
Bermuda Reinsurance is published quarterly
by Newton Media Limited.
They’re everywhere now. Their mandatory open-necked checked
Newton Lodge
15-17 Newton Way
shirts have replaced the previously mandatory buttoned-up golf
Woolsthorpe-by-Colsterworth
shirts in the Bermuda marketplace. They are in their late 20s,
NG33 5NR, United Kingdom
Editor: Roger Crombie, FCA
and on up. As they adapt to our ways, we are adapting to theirs.
Email: editorial@newtonmedia.co.uk
Sub-editor: Susan Gault
They are men of the London market, transported to a warmer,
Publishers: John Eddington
Nicholas Lipinski wealthier place. (Some, less visible, are women.)
Advertising: John Eddington
Telephone: +44 1476 861 737
Email: john@newtonmedia.co.uk
Advertising: Nicholas Lipinski
Telephone: +44 2083 133 967
Email: nlipinski@newtonmedia.co.uk
Roger Crombie, FCA—Editor
Production and design:
Strano and Pettigrew Design Associates
67 Mowat Avenue
Suite 239
Toronto, Ontario
M6K 3E3 Canada
Telephone: +1 416 533 7171
When the new capital for Bermuda, led by unemployed Bermudian who wants a job
Fax: +1 416 535 7526
yet more London market names, was announced in insurance. Try finding an unemployed
E-mail: info@stranoandpettigrew.com
www.stranoandpettigrew.com
a year ago, it was abstract. Billions of dollars, Bermudian, period.
Printed by Pensord, UK
yes—but in Bermuda, the currency is the billion,
Even so, in February, the Bermuda Government
©Newton Media Limited 2007.
so the few that London landed here late last year
announced that thousands of current work permit
All rights reserved.
wasn’t that big a deal, in and of itself.
holders must leave by the end of 2007. Another
No part of this publication may be reproduced, Now it’s real. Suddenly, we have two steak thousand can stay another year or two, at most.
stored in a retrieval system, or transmitted in any
houses. In the wine bars, coffee shops and Their replacements—Bermuda needs more guest
form or by any means, electrical, mechanical,
restaurants that have sprung up to separate the workers, not fewer—will include lots of Brits.
photocopying, recording or otherwise without the
prior written permission of the publisher.
newcomers from their disposable incomes, it’s
The bid for independence from the UK
hard to know who these people are, even if you
The views expressed in Bermuda Reinsurance are
apparently requires a continually churning
not necessarily those shared by the publisher,
know what they are.
expatriate presence, yet the number of British
Newton Media Limited. Wishing to reflect the
Ridiculous behaviour by those who make on the Island just keeps getting larger. That’s
true nature of Bermuda, the editor has included
American tax law—what else is new?—means ironic, in the less-often used actual sense of the
articles from a number of sources, and the views
that American guest workers now pay income tax word, the reverse of what was expected.
expressed are those of the individual contributors.
No responsibility or liability is accepted by
on their Bermuda housing allowances, which are
Throwing out good expatriates before
Newton Media Limited for any loss to any person, often half or more of their salary. Hence it’s no they’re used up will make life more expensive
legal or physical, as a result of any statement,
longer viable for Americans to work in Bermuda,
for the Bermuda insurance companies. They
fact or figure contained in Bermuda Reinsurance.
so the English influx is even more intense.
won’t leave; there’s nowhere else they can go.
This publication is not a substitute for advice
on a specific transaction. The publication of
Bringing personnel to Bermuda is an insanely The companies are managed by very bright
advertisements does not represent endorsement by
expensive business, so only the best young people. They will ride this out and stay here
the publisher. underwriting and actuarial talent arrives here. forever, or until the very wind that blew their
Bermuda Reinsurance - ISSN 1749-4508 Bermudians are cheaper, but try finding an billions in blows them out again
BermudaReinsurance . February 2007 3
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