For over a decade, individual London market insurance professionals have been trickling southwest to work in Bermuda, lured by lower taxes and a kinder climate. Until now, though, most companies here have opted to play it safe and stick with the expertise and breadth of opportunities concentrated in the warren of streets and lanes which constitute London's financial heartland–known as The City.
That changed late last year when Lloyd's insurers Amlin and Hiscox set up sizeable new operations in the mid-Atlantic tax haven ahead of January 2006 renewals. They were soon joined by Lancashire, a new company with strong Lloyd's links and a London stock market listing. Lloyd's insurer Omega is hot on their heels and others are expected to follow.
All are keen to capitalize on the upturn in U.S. insurance rates following Hurricanes Katrina, Rita and Wilma, prompted by capacity shortages–especially in the reinsurance and retrocession markets. They have chosen to expand in Bermuda primarily for tax reasons.
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