Intelligent Insurer looks back at the growth of the insurance and reinsurance market in Bermuda and how it is set to develop in the future.
The roots of this lively market lie in the 1960s, when Fortune 1000 players in the US became increasingly interested in managing their own risk. Bermuda was the ideal platform for innovators to experiment in the captive market.
In 1985 however, a hard market in the US commercial lines sector led to the formation—initially by policyholders—of ACE and XL, both of which were run along the lines of a mutual.
“Those companies took root in Bermuda because of the knowledge their founders already had about the captive business there,” says Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers.
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Bermuda, Association of Bermuda Insurers and Reinsurers, ACE, XL