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Economic and regulatory issues face Bermuda market
02 February 2012
Feature: Woeful investment returns, cat losses and evolving regulatory pressures are causing concern for Bermuda’s insurers and reinsurers.
Bermudian Monetary Authority
Although a mood of optimism seems to pervade Bermuda, it is clear that none of the firms based locally are unaware of the potential for a turbulent 2012.
Rates have broadly improved for the reinsurers in the domicile, but this will not be enough to assuage fears that further troubles lie around the corner, with many seeking further rises in subsequent renewals season, if only to mitigate the impact of minimal investment returns.
Meanwhile, substantial regulatory and compliance challenges lie in wait and it is apparent that not all of those Bermudian firms are satisfied that the Bermudian Monetary Authority (BMA) is doing all it can to be supportive.
As well as seeking to gauge the mood in the territory, Reactions canvassed leaders at some of the largest firms on the island to ascertain what the biggest challenges are in Bermuda for 2012.
It is indisputable that underwriting returns have...
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