Worldwide Reinsurance – The Review 2009

Synopsis: 2009 is off to an interesting start in Bermuda. While the outside world descends into economic chaos, the number of new captives formed in the first quarter in Bermuda is up, in comparison to the number for 2008. And interest in captives is rising. In addition, people are already speaking of the ‘Class of 2009,’ with reference to companies such as Torus, Ironshore, Argo and Canopius. While not all are wholly new entities, they have expanded aggressively either in terms of scaling up their personnel drastically or in providing additional capital and capacity in various areas. At a time when companies around the world were having difficulties and contracting, these Bermudians were expanding with zeal. – Rod Attride-Stirling

Rough Water: The causes of the current global economic crisis are well documented. In the US we have seen the predictable burst of the sub-prime mortgages bubble and the catastrophic effect it has had on the securities market and the finance industry as a whole.

Authors: Peter Dunlop,

Ahead of the Curve: Rightly or wrongly, the global financial crisis is swinging the pendulum towards increased regulation in the financial sector on a global basis. In times of change such as the one evolving before us, Bermuda has consistently sought and found new opportunities to provide responsible yet facilitative market driven solutions at the pace required by modern business.

Authors: Neil Horner and Federico Candiolo

A Dangerous Illusion?: Cut-through clauses are often used in conjunction with Bermudian captive re/insurance arrangements. For example, a US insured is obliged under its local laws to interpose a local insurer to front much of its insurance business needs before its Bermudian captive can assume the business.

Authors: Alex Jenkins, and Kehinde George

Subscribing to Change: If Bermuda moved to become a pure subscription market or if a Lloyd’s satellite franchise came to Bermuda – as has also been mooted, certain practical market and legal difficulties may arise many of which have been addressed by the London Courts.

Authors: Alex Jenkins

Bermuda’s bedrock: A captive insurance company, in its purest form, is an insurance company established as a subsidiary of a non-insurance entity to insure the risks of its parent entity and/or its affiliates. Bermuda has been and continues to be the world’s leading captive and rent-a-captive domicile since the captive concept was first introduced in Bermuda in the 1960s.

Authors: Neil Horner and Natasha Scotland

Published: The Review 2009

Article: The Review_Bermuda Leg Guide 2009

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