Bermuda - Brokers put down roots.

(From Reinsurance)

Byline: Vic Wyman.

Many people may agree with John Jenks, head of the reinsurance broker Benfield in Bermuda, that the reinsurance business cannot be pinned down to one location: "There's only one market for reinsurance and that's worldwide."

However, that has not stopped Benfield and other reinsurance brokers either setting up offices or strengthening their existing operations on Bermuda over the past couple of years. Paul Markey, chairman of (re)insurance broker Aon in Bermuda and treasurer of the Insurance Brokers Association of Bermuda, can easily anticipate more competition: "It would not surprise me at all; those that haven't made the move at all are considering it."

The main reason for brokers deciding to establish themselves on Bermuda is simple; the continuing success of the island as a (re)insurance centre.

"More and more brokers are finding Bermuda an attractive place to be because of the size of the market," says one local, who points to growth in the number of lines of business handled as one factor.

"The stature of the market has grown and that has attracted the business," adds David Furby, president of Bermudian reinsurer Ace Global Re. However, he thinks a lot of business would have found its way to the island anyway.