NEW YORK--The head of a Bermuda reinsurance company said that"intelligent regulation"--not freedom from paying U.S. taxes--iswhat has attracted a wealth of capital to the island.
"When you look at regulation in the United States and some otherplaces, you realize how dysfunctional [and] how hostile regulationis outside Bermuda," said Donald Kramer, chairman and chiefexecutive officer of Bermuda-based Ariel Reinsurance, during akeynote speech at an insurance gathering here.
Mr. Kramer spoke at a joint luncheon of the Association ofProfessional Insurance Women and the Insurance Brokers Associationof the State of New York.
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