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Bermuda Insurance Quarterly 20333E_BIQ.qxp:.ps 6/24/09 4:51 PM Page 1 ALL THE RESULTS & ANALYSIS Q1 12 BERMUDA BIQJuly 2009 ‘TAX HAVEN’ BERMUDA LATEST 10 INSURANCE QUARTERLY HAIR TODAY © 2009 Bermuda Media … BUT THEN in association with IT’S GONE! 20 Flagstone Re and ACE have already moved their headquarters from Bermuda to Switzerland. With others likely to follow, why is Switzerland an attractive LURE OF THE ALPS… proposition for a growing number of Bermudian companies? See page 4 20333E_BIQ.qxp:.ps 6/24/09 4:19 PM Page 2 Invest with people who are invested in you. The trust and relationships we build with each of our clients enable us to provide a complete array of private banking services with truly personal service. From investments to trusts, we offer comprehensive integrated wealth management services with the greatest degree of expertise on the island. Backed by a strong and risk averse portfolio. The experience, talent and knowledge of our Private Banking team is dedicated to protecting and growing your assets. For personalized advice and service, contact: Barbara R Tannock, CFA Head of Private Banking 294.5174 [email protected] 19 Reid Street | 296.6969 | capital-g.com Welcome to the family. 20333E_BIQ.qxp:.ps 6/24/09 4:52 PM Page 1 THE QUOTES OF THE QUARTER “As the year goes on I expect “While we have seen the BIQ revenue growth to remain green shoots of recovery, we under pressure due to global do not believe the risk-reward BERMUDA INSURANCE recessionary conditions and characteristics have sufficient- foreign exchange. While many ly swung in our favour to QUARTERLY of our customers’ exposures mobilise ourselves for a full are down due to reduced busi- offensive. We believe that, by Volume 5, Number 3 July 2009 ness activity, and many com- year-end, our market-leading panies are in search of more diversification by product and Consulting Editor affordable insurance alterna- geography, together with our Richard Whitaker tives, the quality of our port- strong underwriting skills and Art Director folio of risks continues to improve.” risk management framework, will be fully Paul Shapiro — Evan Greenberg, Chairman and CEO of mobilised across both our insurance and reinsur- Contributing Editor ACE Limited ance segments to deliver high quality out per- Chris Gibbons formance.” Director of Marketing "We are seeing an increasing — John Charman, AXIS Capital Lissa Fisher flow of new business oppor- President and CEO Publisher tunities, particularly within Ian Coles our specialty reinsurance unit “This is another quarter of Published by Bermuda Media, Suite 310, The International Centre, 26 and individual risk segment. solid achievement for XL as Bermudiana Road, Hamilton HM 11, Our strong financial res - we continue to demonstrate Bermuda. Postal address: PO Box HM 2032, Hamilton HM HX, Bermuda. Tel: ources, excellent ratings, rep- we have the wherewithal to 292-7279 Fax: 295-3189 Email: [email protected]. Web: bermudamedia.bm. utation for superior under- navigate these troubled times Printed in Canada. writing and client service along with our ongoing and to deliver on our commit- Published four times a year in associa- efforts to build out our business capabilities, posi- ments to shareholders and to tion with PricewaterhouseCoopers. tion us well to capture these opportunities.” clients.” Cover image: istockphoto.com — Neil Currie, CEO of RenaissanceRe — Mike McGavick, CEO of XL Capital Bermuda ratings under pressure S&P EXPECTS GENERAL GOVERNMENT DEFICITS TO RISE TO FIVE PER CENT IN 2009 AND 2010 he credit crunch and external banking sector, S&P affirmed pressures ease.” remained negative due to the cur- threats to the reinsurance mar- Bermuda’s AA long-term sover- Government would face higher rent turmoil in the financial markets Tket are putting increased pres- eign credit rating, saying Ber - interest on money borrowed if its — but said the Bermuda market sure on the Island’s ratings. muda’s low government indebted- credit ratings were downgraded. was likely to fair better than many. In May, Standard & Poor’s ness was about the lowest of Finance Minister Paula Cox Fitch said while it expects dropped its ratings outlook on nations rated by S&P. But the said she still considered the AA downward rating activity globally Bermuda to negative from stable, agency warned it expects general credit rating a “strong affirmation and across all of its insurance rat- citing concern about risks to government deficits to rise to five of the endurance and resilience of ings in 2009, Bermuda reinsurers Bermuda’s external and fiscal posi- percent in 2009 and 2010 from our economy during these chal- were less likely to face widespread tion from its banking system. The three percent in 2008. lenging times” and that she was rating downgrades than other move followed an earlier ann - S&P Credit Analyst Nikola pleased that S&P balanced its insurance sectors, primarily ouncement by Moody’s Investors Swann said: “Should the Island’s analysis by taking a positive out- because of their comparatively Service lowering its government banking sector weaken or should look on the resilience of Bermuda’s lower asset leverage and higher- bond ratings on Bermuda one the dynamism of its reinsurance international insurance sector. quality investment portfolios. notch from Aaa to Aa2. market wane, the ratings could Meanwhile Fitch Ratings stated The report said challenges for S&P said Butterfield Bank, come under pressure. On the other in a Special Report earlier this year the Bermuda market included with a 51 percent market share of hand, we could revise the outlook that its rating outlook for the ongoing pressure on asset valua- deposits, had $152 million in loss- to stable if the country’s external Bermuda reinsurance market tions, uncertainty surrounding the es on its held-to-maturity invest- market’s ability to recapitalise in ments in 2008, which prompted ‘Challenges included ongoing pressure the event of a major catastrophe, the Bank to raise $200 million of and ongoing threats to the Island’s preferred shares. The Bank of on asset valuations, uncertainty tax advantages. Bermuda was issued with a nega- But Fitch said it foresaw oppor- tive outlook in December on con- surrounding the market’s ability to tunities for companies who histor- cerns about rising pressures to its recapitalise … and ongoing threats ically have taken advantage of peri- earnings in 2009. ods of increased risk to provide Despite concerns about the to the Island’s tax advantages’ new underwriting capacity. [ 1 ] 20333E_BIQ.qxp:.ps 7/3/09 7:47 AM Page 2 [ 2 ] 20333E_BIQ.qxp:.ps 6/24/09 4:25 PM Page 3 NEWS REVIEW Rates set to harden later in year GREENBERG: ‘INSURANCE BUYERS HAVE SIGNIFICANTLY DIALLED BACK THEIR EXPOSURES’ nalysts and industry experts with pricing reductions since mid- surplus at year-end. “This compares well to the expect US property casualty 2004. Although investment losses David Brown, CEO of Flag- mess that followed in the wake of Arates to harden in the second significantly reduced the reinsurance stone Re, recently told Reinsurance Katrina and indicates that, as an half of 2009, but believe the ongo- sector’s excess capital position, S&P Magazine that although the indus- industry, we have a better handle ing financial crisis and recession believes most US and Bermuda firms try suffered poor or negative and control on our exposures,” he will mean only modest increases. continue to benefit from strong levels book-value growth during the last said. “Furthermore, the most Speaking at Standard & Poor’s of capital adequacy. half of 2008, the Bermudian rein- recent six months have seen the Insurance 2009 Conference in S&P said aggregate capital for surance industry absorbed signifi- impact of the capital losses from New York in June, Grace Osborne, Bermuda-based reinsurers stood at cant losses from Ike and other 2008 create an imbalance between Managing Director and Practice $65 billion at year-end 2008, while events without any serious loss of the demand for reinsurance and Leader for North America US insurers posted a $37 billion capital. the industry’s ability to supply it.” Insurance Financial Services at S&P, said recent pricing surveys had shown progressively smaller year-over-year price declines among primary commercial lines insurers, hinting at rate rises in the second half of the year. Rates have been falling since 2005, particularly since 2007, fol- lowing two strong years of operat- ing results. Evan Greenberg, Chairman and CEO of ACE Ltd, told the conference: “The capital levels in the industry remain adequate — not sufficient, but adequate — and I think that is one reason why rates have not moved as quickly as some had hoped.” He added: “On one hand busi- ness activity has declined, and that means insurance buyers have sig- nificantly dialled back their expo- sures. On the other hand clients simply view insurance as another expense item, and they are cutting back. It’s making it much harder to get rate increases.” S&P said that due to ongoing pressures, it was maintaining its negative outlook on the US com- TALENT EXPANDS POSSIBILITIES mercial lines property/casualty sec- tor. In the reinsurance sector, pric- At Max, we’ve recruited some extraordinary talent to drive ing has started to firm, with rate our business. From offices in Bermuda, Ireland, the United increases for property and other States and at Lloyd’s, we underwrite a wide range of Property short-tail reinsurance as a result of and Casualty Reinsurance and Insurance transactions, as well as Life and Annuity Reinsurance. Expanding the possibilities higher catastrophe losses in 2008. with financial strength, focused expertise and new approaches www.maxcapgroup.com The company said reinsurance to established convention.
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