Don't Believe Doomsday Bob: "Surge In New Insurers for December"
For over a decade, Bob Richards and the UBP turned OBA have been telling us that the sky is falling in the international business sector. Year after year, the facts have proven them wrong.
During the global economic expansion that the world enjoyed up through the global financial crisis and the Great Recession, international business boomed in Bermuda under the PLP. And, even in these tough economic times, The Royal Gazette reported today that international business remains bullish on Bermuda. The daily reports:
The number of new re/insurers setting up in Bermuda has increased by 50 percent over the past year with 13 new companies incorporating in December alone.
The recent upsurge in registrations has affirmed the Island’s status as a world-class centre for insurance according to the Bermuda Monetary Authority (BMA), while the Association of Bermuda Insurers and Reinsurers (ABIR) said the numbers reflect the Bermuda’s strength in attracting new capital to the market.
Among the most notable additions last month were Class 4 re/insurers PaC Re Ltd and Third Point Reinsurance Company Ltd.
Special Purpose Insurers (SPI) Upsilon Reinsurance Ltd, Mercury Insurance Company Ltd, Aeolus Re J12 SPI Ltd and Triton Re Ltd also joined the growing list for December, as did Long-Term Class C re/insurer MS Financial Reinsurance Ltd, Class 2 insurer DCS Risk Management Ltd, Class 3A re/insurers Star Re Ltd, Awbury Insurance Ltd, Lion Reinsurance Company Ltd and Rocksound Insurance Ltd, and Class 3B re/insurer AQR Re Ltd, bringing the count to 53 for the year.
Next time you listen to Doomsday Bob Richards and the OBA/UBP, remember, that in 2011, while the Great Recession raged, international business wasn't, as Grant Gibbons predicted "turning the lights out" in Bermuda. Far from it. International business is thriving and growing.
The facts don't lie. International business is bullish on Bermuda. Don't let them mislead you.