While Bermuda is destined to be a force in the insurance world for the foreseeable future, I tend to agree with those at the recent ACORD London Conference that it's more of a complementary player than a pure competitor to its U.K. rivals. In fact, Bermuda is doomed to see some of its competitive advantage erode over time, and the two are bound to become far more integrated.
After all, Bermuda cannot continue to expand forever, right? There has got to be a limit for the available talent pool and resources on such a tiny island paradise, and it's doubtful Bermuda can sustain its tax advantages indefinitely.
Still, Bermuda has made an enormous contribution to the global insurance market–not only in providing badly needed capacity for a growing number of troubled lines, but in being true innovators, as well as in shaking up their more stodgy colleagues in London, Europe and the United States.
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