Bermuda:Re
Bermuda Re/insurance . November 2007
Editorial
Bermuda Re/insurance is published quarterly
by Newton Media Limited.
2007 is a sensationally good time for Bermuda.
Newton Lodge
15-17 Newton Way Its insurance and reinsurance companies are flourishing, due
Woolsthorpe-by-Colsterworth
NG33 5NR, United Kingdom
in no small part to what looks like being the second relatively
Editor: Roger Crombie, FCA
hurricane-free year in a row. That has allowed the ‘Class of
Email: editorial@newtonmedia.co.uk
Sub-editor: Susan Gault
2005’ companies to get off to a flyer, as did the companies
Editorial advisors:
formed in 2001.
Bradley Kading
David Fox
Publishers: John Eddington
Bermuda’s pre-eminence in the captive field was underlined
Nicholas Lipinski
when more than 500 people registered for the third annual
Advertising: John Eddington
Telephone: +44 1476 861 737 Captive Conference late this summer, greatly exceeding
Email: john@newtonmedia.co.uk
Advertising: Nicholas Lipinski
expectations.
Telephone: +44 2083 133 967
Email: nlipinski@newtonmedia.co.uk
Production and design:
Roger Crombie, FCA—Editor
Strano and Pettigrew Design Associates
67 Mowat Avenue
Suite 239
Toronto, Ontario The banking sector is humming along. The “piece of the rock”. Average home prices now
M6K 3E3 Canada
Bank of Bermuda is changing, following its stand in excess of $1.6 million.
Telephone: +1 416 533 7171
acquisition by HSBC. Butterfield Bank, never
Fax: +1 416 535 7526
Sure, there are bottlenecks. The number of
E-mail: info@stranoandpettigrew.com
stronger, has pursued a stand-alone policy
qualified workers is barely increasing, so more
www.stranoandpettigrew.com
that will see it turn 150 next year in excellent
guest workers are required. That increases both
©Newton Media Limited 2007.
shape. Bermuda Commercial Bank will soon
the need for new homes, and the bonanza for
All rights reserved.
announce the identity of a new owner, and
Bermudian landlords, who are now pocketing
No part of this publication may be reproduced, Capital G is doing well in local retail banking
as much as $25,000 a month for renting out
stored in a retrieval system, or transmitted in any
and international wealth management.
three-bedroomed homes.
form or by any means, electrical, mechanical,
The trust industry is performing as efficiently
photocopying, recording or otherwise without the
The schools crisis has been resolved
prior written permission of the publisher.
as ever, although hard numbers are elusive.
somewhat by the existing private schools
The views expressed in Bermuda Re/insurance
What is clear is that the professionals who
extending their footprint. Traffic remains
are not necessarily those shared by the publisher, manage the industry are employed in hitherto
light by global standards, but infuriating to
Newton Media Limited. Wishing to reflect the
unthinkable numbers.
people who used to be able to nip into work
true nature of Bermuda, the editor has included
The tourism sector is booming. Seven major in 10 minutes, no matter how far they lived
articles from a number of sources, and the views
expressed are those of the individual contributors.
new hotels, with owners and/or operators with from Hamilton.
No responsibility or liability is accepted by
such famous names as Ritz-Carlton and Al-
It’s paradise, all right. If there are risks,
Newton Media Limited for any loss to any person, Jumeirah, are waiting to break new ground.
they are only of the “too much, too fast”
legal or physical, as a result of any statement, fact
Half a dozen ‘condo hotels’ are being built or
variety, the very problems almost any modern
or figure contained in Bermuda Re/insurance.
are on the drawing boards. The west end of
This publication is not a substitute for advice on a
society would prefer. Even a political class
specific transaction.
the Island will become unrecognisable if these
once at odds with foreign influence is easing
The publication of advertisements does not
plans all come to fruition.
its standards to keep things tearing along.
represent endorsement by the publisher. Residential construction continues apace,
What, people are asking, could possibly
Bermuda Re/insurance - ISSN 1749-4508 with every Bermudian keen to secure his or her
go wrong?
Bermuda Re/insurance . November 2007 3
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