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Business: Bermuda - Flying the flag.
(From Reinsurance)
Byline: Marc Jones.
Specialist liability insurers arrived in Bermuda in the 1980s and property catastrophe reinsurers in the 1990s. Captives pop up all the time - another 79 were formed in 2002 - and since 11 September 2001 another wave of new (re)insurers has rolled ashore. Unfortunately for Bermudians, however, a flood of expatriates has accompanied each invasion.
The new companies need experienced actuaries and underwriters, and there are not enough Bermudians with the necessary skills and experience. To fill the gaps many personnel have to be recruited from centres like London, where the deep pool of (re)insurance talent can be tapped.
Closing in
According to the latest survey carried out by the Bermudian Department of Statistics in 2001, 36.2% of those working in the (re)insurance industry in Bermuda were expatriates, 5.8% were married to Bermudians and 58% were Bermudian.
With notable exceptions, such as Brian Duperreault, the chairman and chief executive of Ace, Bermudians also tend to fill the lower, administrative and secretarial roles.
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