Comments on: BMA Hails Jump In Insurance Registrations

By: S Brown

S Brown — Fri, 14 Oct 2011 02:11:54 +0000

Ironic that there is an abundance of young people who recently graduated from Uni looking for apartments that would suit their budget.

By: Triangle Drifter

Triangle Drifter — Fri, 14 Oct 2011 01:12:11 +0000

Wow! We are really scraping the bottom of the barrel for good news in IB arn’t we? A company that only occupies space in a filing cabinet is great news these days.

How many currently empty apartments are these wonderful new to Bermuda companies going to occupy?

By: S Brown

S Brown — Fri, 14 Oct 2011 00:23:37 +0000

And what about the class 3 insurers?

By: InTheKnow

InTheKnow — Thu, 13 Oct 2011 21:01:21 +0000

Special Purpose Insurers (SPI) are principally companies that only exists on paper. Most of them operate as Cat Bond Issuers or Sidecars. They are 100% owned/funded by one of the big re/insurers who manage the SPI from current operations. Many SPI operate actively for less than one year. They usually go dormant after that, unless needed for that specific purpose again in the future.

Very few (if any) full-time long-term positions were created. Some SPI might employ a captive manager at best.

By: 32n64w

32n64w — Thu, 13 Oct 2011 20:20:52 +0000

should read “does NOT automatically equate”

By: Shmegistrations...

Shmegistrations... — Thu, 13 Oct 2011 20:20:35 +0000

… it’s all about the J.O.B.’s!

Hundreds have gone… How many have been created?

By: Waiting Patiently

Waiting Patiently — Thu, 13 Oct 2011 20:19:48 +0000

remember, tourist numbers are “up all together”… doesnt mean its a good or useful thing.

By: shaco

shaco — Thu, 13 Oct 2011 20:15:49 +0000

The category of Special Purpose Insurer is a new one and it shows how Bermuda and the BMA have created an insurance product in response to what the market wants. I applaud this and hope that they continue to find innovative solutions to make Bermuda attractive. From what I understand, the SPI category has been very successful thus far. Note that a SPI is not a type of insurance entity which would have a physical office here i.e. employing Bermudians. To “waiting patiently”- the drove of insurance companies we saw setting up in Bermuda in 2005 will probably not happen again. It’s not so much that Bermuda did “something wrong” (putting aside term limit arguments and the rest)but the market and the nature of the business has fundamentally changed- not to mention the events of 2008.

I would like to see the funds and general corporate sphere “spruced up” so as to remain competitive.

By: 32n64w

32n64w — Thu, 13 Oct 2011 20:13:25 +0000

The incorporation of a SPI does automatically equate to the addition of new jobs.

Typically they are just entities managed by an existing company for a specific purpose.

By: Johnny Guard

Johnny Guard — Thu, 13 Oct 2011 20:11:45 +0000

The fact that OBA states that Government is scaring away companies by policy etc, yet more companies are coming here than last year proves that the policies are not a deterrent

Now to answer your questions:

1) Not sure, however even if they posted the numbers of companies that left, unless they state the reasons why the companies redomiciled one cannot assume it was due to Government policies/term limits. Could be for other reasons that are beyond Government Policy i.e shareholders etc..

2) No one knows, however it shows that Bermuda is still attracting IB Companies.

By: Waiting Patiently

Waiting Patiently — Thu, 13 Oct 2011 20:11:28 +0000

lol #1 very much does matter. if last year 3 registered and 3 left or unregistered, and then this year 5 registered but 6 left.. it makes a huge difference.

if those numbers are very low, why are so many people losing jobs and leaving hte island?

2) yeah those jobs will not have been known..exactly. Its the same reason no one should praise from the rooftops whenever some foreign investor signs up to build a hotel… because it doesnt really mean anything at the moment.

yes its nice to hear that they’ve registered, no doubt, but this is hardly a description of the entire picture.

By: Can't Take It Anymore

Can't Take It Anymore — Thu, 13 Oct 2011 20:07:58 +0000

To be a little more clear, i was referring to insurance and reinsurance companies concerning #1.

By: Can't Take It Anymore

Can't Take It Anymore — Thu, 13 Oct 2011 20:05:33 +0000

Does #1 really matter if the numbers are up all together? Regardless of how many are leaving becasue there is obviously more registering than they are leaving. And t opoint out, they are not leaving, merely relocating their head office to another country and those numbers are very low. And while doing that, they are still keepin their Bermuda operations in business.
#2, if they have just been created, then the actual jobs being created will not be known till next year after they have grown in capital and overall business altogether.

By: Waiting Patiently

Waiting Patiently — Thu, 13 Oct 2011 20:03:51 +0000

if its all good news then its all good news, but there are certain forces around that can take any statistics and filter out any bad, turning “an inconvenient truth into a reassuring lie” as was recently quoted.

Cant say for sure here, its just worthy to keep a skeptical mindset at this point.

By: Can't Take It Anymore

Can't Take It Anymore — Thu, 13 Oct 2011 20:01:55 +0000

Meant just for kicks.

By: Waiting Patiently

Waiting Patiently — Thu, 13 Oct 2011 19:51:38 +0000

LOL this article was posted how long ago? and you are already whining that no one has replied? it hasnt even been an hour eh?

anyways.. a couple questions..

1)how does the number of new registrations compare to the number of companies leaving?

2)How many jobs are actually being created in bermuda, vs these registrations being nothing more than a anecdotal “PO Box”?

By: Can't Take It Anymore

Can't Take It Anymore — Thu, 13 Oct 2011 19:39:05 +0000

Mind if I throw some stones just kicks???

According to the OBA/UBP supporters and their erratic, strange, and possibly falsified numbers (where did they come from again…..thats right, they never said) this was on the decline and due to Premier Paula Cox’s decision makings no insurance company wanted to stay in Bermuda. But look at the above! My guess is that no one will comment. If they do as a result of my comment, then there might be some name calling and bashing in their response. May get a few educated response though (hopefully)! Or they will probably drop the old ‘who did they pay now’ comment. Knowing that is strictly opinion, they will try and pass it off as fact. But both sides are guilty of that.

By: Johnny Guard

Johnny Guard — Thu, 13 Oct 2011 19:25:12 +0000

Where are the naysayers now? I thought IB was leaving in the droves???