By Lilla Zuill at RIMS in San Diego

'Bermuda: The World's Risk Capital' part II:

In the last decade, Bermuda-based insurers have consistently outperformed other leading markets when it comes to getting the greatest return on underwriting dollars.

This was according to XL Capital CEO Brian O'Hara who broke out data for an audience of more than 100 industry professionals on Wednesday afternoon showing that the combined ratio ? which shows how much a company has made on each dollar of business written ? from Island-based firms had beaten Lloyd's of London and US markets every year since 1994.

Mr. O'Hara was joined by two other Bermuda industry leaders ? Joe La Rocco, of Marsh Global Markets (Bermuda) Ltd. who acted as moderator and AWAC CEO Scott Carmilani ? in the second part of a special RIMS session titled 'Bermuda: The World's Risk Capital'.

The event, which was put on after a special request from the Risk and Insurance Management Society Inc. ? which hosts the prestigious annual conference, this year in San Diego ? walked attendees through how the Bermuda market had evolved, and the level of money now behind Bermuda companies.

Two leading risk managers also took part in the all-day event, giving feedback on why they choose to place a significant amount of their company's business in the Island's market.

Mr. O'Hara led the discussion with a detailed presentation of the capital that had come into the Bermuda market through the years - with the money backing the Island's sector having grown through three successive wave of business that followed several major capacity crunches since 1985.

Bermuda's insurance sector was said to now have combined assets topping $200 billion, a marked contrast to the about $25 billion in the market nearly 20 years ago, when now leading Bermuda insurers ACE Limited and XL Capital were formed.

In addition to the wealth of capital that has come to Bermuda through the years, Mr. Carmilani ? who is head of one of Bermuda's newest companies AWAC, which set up after the void in capacity following the 2001 terrorist attacks ? broke down for the audience the broad capabilities that the Island, now a mature and leading market, has with companies across the sector writing a broad mix of business including property, general liability, professional liability, health care, medical malpractice, marine profit and loss, loss portfolio transfers, finite risk and life and annuity products.