Bermuda - The secret of my success.

(From Reinsurance)

MG: Why do you think Bermuda attracted so much new capital in 2005?

JC: I think it's the infrastructure - also, the fact that it has been done here before and in a timely manner, and the companies that have come out of that have been successful. That's what makes the decision very easy, especially in light of the fact that you are talking about a significant event occurring and then having an opportunity as a result of that, and having to get yourself in place fairly rapidly.

I think Bermuda makes it easier, not just from a regulatory perspective in Bermuda, but internationally and certainly in the US, with the rating agencies and other groups that are scrutinising companies. You've got a proven track record and a proven platform, so I think that until Bermuda demonstrates that it is not able to do it successfully, it will continue.

MG: How much pressure does a reputation for being a speedy place to set up business put you under?

JC: I would say that it is tremendous pressure, but it isn't something that is unusual to us. We didn't change anything just to get those companies up and running; we didn't change anything in 2001.

What we've created in Bermuda is, we feel, a very efficient process that enables us to focus on the key issues you need to look at to decide whether or not you want that company to form in your jurisdiction - and yes, every jurisdiction has its failures, but if you look at the track record of our admissions committee process over the last 5-10 years, and then look at the failures that have come out of those companies, I doubt you'd be able to count a handful. That, to me, is a tremendous test of the quality of review of our process.