In one way or another Bermuda’s fortunes are tied to hurricanes. Last month Hurricane Florence visited Bermuda’s shores, although luckily she inflicted only minor property damage and no serious injuries during her brief stay on the island. The small amount of property damage was perhaps the result of the fact that memories of Hurricane Fabian were still fresh and so many people took precautions to secure their homes, boats (and children). Florence’s visit also meant that the island’s workforce received a day’s holiday as the hurricane reached its closest point, albeit, for most people, it meant a day at home without the luxury of electricity or running water. Happily the island’s infrastructure withstood the hurricane force winds and the island was back at wok (and school) the next morning.

Bermuda received a further boost to its growing popularity as a domicile for London insurers and reinsurers when first Hiscox and then Omega Underwriting declared their intention to re-domicile their holding companies to Bermuda. It was also announced that Bob Clements had established Ironshore Ltd in Bermuda to underwrite property casualty re/insurance business. Bermuda has demonstrated the infrastructure to withstand a hurricane…the next question is whether Bermuda’s infrastructure can withstand the seemingly relentless demands of both established and new players seeking to domicile here.

This Viewpoint item appeared in issue 109 of JTW News - October 2006

Author: Mike Morrison - KPMG