Lord Mayor of London David Brewer has vowed to "wave his flag" for the insurance sector and has come out against "over regulation," backing an inquiry to boost the City's competitiveness against offshore domiciles like Bermuda.

In an interview with Insurance Day, Brewer, former director of Sumitomo Marine & Fire Insurance (Europe) and former chairman of Sedgwick Insurance & Risk Management Consultants (China), said he had called on UK chancellor Gordon Brown to make the Square Mile more competitive amid growing pressure from offshore domiciles. He also said he supported the emergence of financial hubs in Asia, which would provide more clients to London.