The flood of capital that has moved into Bermuda in recent years is not responsible for creating or sustaining a soft market, a lobbyist for Bermuda insurers and reinsurers declared at a recent meeting here.
Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, aired that view in response to a question posed to him during a joint luncheon of the Association of Professional Insurance Women and the Insurance Brokers Association of the State of New York.
"If you look at Bermuda companies, you'll see record amounts of stock buybacks authorized during the current calendar year," he said, adding that in other words, the money they're making from profitable insurance results "is going back to shareholders. It's not contributing to the downward spiral [in commercial insurance pricing]."
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