Bermudas New Legacy

During a first-quarter earnings conference call, Chris O'Kane, chief executive of Aspen Insurance Holdings, said that for reinsurance clients, his company is “winning at the expense of legacy-laden competitors.” His comment was the boldest declaration of a common theme expressed by leaders of the newest insurers to set up shop in Bermuda.

Whether it's Mr. O'Kane referring to Aspen's ability to increase its share of preferred reinsurance business at the expense of existing competitors, or John Charman, CEO of Axis Holdings, saying his global insurance segment benefited from “increasing concerns over the financial strength of legacy players,” or Kenneth LeStrange, CEO of Endurance Specialty, asserting his firm is “free of legacy liabilities, legacy infrastructures and legacy thinking,” the message is clear. To have a legacy is to be saddled with problems, and to be free of one means having a competitive edge, they believe.

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