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 A comprehensive
history of the growth of Bermuda’s insurance industry. This book is 516
pages of fascinating and detailed information answering the question
of how Bermuda, a tiny, isolated island - in the past dependent on
little more that fishing, farming, and more recently on tourism - has
become one of the most important financial hubs of the world.
A special discounted price of $50 per
book (plus shipping) is being offered as of June 1, 2010. All the
proceeds from sales are being donated directly to the educational
funds of BFIS and the
Bermuda Insurance Institute.
To purchase, please complete the ORDER FORM and fax to (441)
295-5876
or email to info@bfis.bm
Organized on a time line, "Held Captive
- A History of International Insurance in Bermuda" focuses on each decade,
in ever increasing detail. Much of it told in the words of those who lived
it.
1609 - 1959 Hurricanes
and Earthquakes - establishing the local market / Sir Henry Tucker, AIG,
OIL, et al. / New horizons - exempted company business, shipping
companies.
1960 - 1969 Going international - Fred
Reiss - Captive movement begins / Global crisis - politics in Bermuda -
Parliamentary and Constitutional changes with Acts passed /
Political background and boycotts.
1970 - 1979 Captive
insurers investigated by US Justice Department / First Bermuda
captive conference / Bermuda captives write Casualty business / Bermuda
develops insurance regulations / International need for captives /
Recession and instability / Captives surge / Insurance Act of 1978 -
IAC
1980 - 1989 Mellowing of the market /
socio-economic problems / Companies Act 1981 / Caribbean Basin initiative
/ IRS takes up the cudgels / Resurgence / ACE / XL idea / US/Bermuda tax
convention ratified / competition grows.
1990 - 1999 Challenging decade /
CATS / growth in a time of crisis / infrastructure tested / Bermuda
invests in Lloyd's / BFIS formed / Insurance Amendment Act / electronic
commerce / tax haven status / PLP elected.
2000 - 2001 End of a
millennium and a soft market / Bermuda loophole closed / OECD removes
Bermuda from tax haven list / More catastrophes / 'Nine Eleven' and effect
on Bermuda insurance industry / Quo Fata Ferunt?
'Not only will this book appeal to those who have an interest in the
development of the international insurance industry in Bermuda but also to
those interested in the development of the international insurance
industry as a consequence of Bermuda. A well documented research book that
should be a part of every insurance library. I'm pleased to have been a
part of it.' Brian Duperreault, President and CEO,
MMC
'A Bermudian labour of love that is certain to become
a staple of every insurance public and personal library. ....one of the
most readable books on insurance history I have seen.' James
Brewer, Lloyd's List
'Bermuda's insurance history is
captivating reading.' Michael Bradford, Business Insurance
'A very
comprehensive history of the development of insurance in Bermuda. It
portrays those who were so committed in making Bermuda the insurance and
reinsurance centre that it is today.' Cyril Rance, insurance
executive
'One of the interesting elements is that this
can serve as a source book for a lot of issues, legal, regulatory, and
even cultural, that I wish I had had before. I particularly respect her
efforts to sketch out the political events using fairly neutral language
but not pulling any punches…. I've already gone back to look up a
technical question I ran into, so it is turning out to be a research
resource for me.' Scott Pardee, Professor of Monetary Economics,
Middlebury College and Director, RenaissanceRe
'A
masterful compendium of the personalities and events, which help shape the
insurance/reinsurance marketplace in Bermuda. A required presence in the
library of any serious global financial services player.' James
Bryce, President and CEO, IPC Re
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