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Bermuda Start-Ups Defying The SkepticsFor NowThe Bermuda insurers formed in the wake of the Sept. 11, 2001 tragedythe Class of 2001have reported results of their second full year of operation, generating unprecedented levels of capital and premium for start-up insurance enterprises.

Fitch Ratings has previously contended that it is very difficult to start a new insurer for a number of reasons, including difficulties in raising capital, building an infrastructure and attracting customers. However, major market dislocations provide a window of opportunity for new insurers, and it is important for start-ups to establish an operating franchise while the window is open.

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