While Bermuda companies are feeling the effects of the economic crisis, they have survived other disasters, including major hurricanes, and will come through this one as well, a Bermuda official contends.
Indeed, in regard to the financial crisis, Bermuda companies “have fared reasonably well,” according to Shelby Weldon, director of Insurance, Licensing and Authorizations with the Bermuda Monetary Authority.
“Quite obviously, we have been impacted,” he said. “We had a number of companies in one sector of our group–the financial guaranty reinsurers–significantly challenged through the subprime crisis, but a lot of that was really driven by the fact that the direct insurers in the U.S. were challenged and their business gets reinsured into Bermuda.”
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