A comprehensive history of the growth of Bermuda’s insurance industry from inception until 2001. 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.
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.
CONTENTS
1609-1959
Hurricanes and Earthquakes – establishing the local market / Sir Henry Tucker, AIG, OIL, et al. / New horizons – exempted company business, shipping companies.
Held Captive – Part 1- 1609-1959
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.
Held Captive – Part 2 – 1960-1969
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
Held Captive – Part 3 – 1970-1974
Held Captive – Part 3 – 1975-1979
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.
Held Captive – Part 4 – 1980-1983
Held Captive – Part 4 – 1984
Held Captive – Part 4 – 1985-1986
HeldCaptive – Part4 – 1987-1989
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.
Held Captive – Part 5 – 1990-1992
Held Captive – Part 5 – 1993
Held Captive – Part 5 – 1994-
Held Captive – Part 5 – 1995-
Held Captive – Part 5 – 1996-
Held Captive – Part 5 – 1997-
Held Captive – Part 5 – 1998-
Held Captive – Part 5 – 1999-
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?
Held Captive – Part 6 – 2000-2001
PHOTOGRAPHS
EPILOGUE
‘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