ArielRE just moved into sleek new offices as the lead tenant in eco-friendly Victoria Place and they need the room.

The company's CEO Don Kramer says the number of employees has quadrupled from 15 to 60 over the past two years, and there are no plans to make any cutbacks this year.

The reinsurance sector may be proving to be Bermuda's rock in the global economic slowdown.

"We are one of the few industries that has a positive outlook for the year," said Mr. Kramer.

"For us Bermuda has been a strong place to operate from. There's a tremendous depth of talent here and huge capacity to write insurance."

Currently there are still about 23 major insurer/reinsurers with headquarters and operations in Bermuda, according to the Association of Bermuda Insurers and Reinsurers. These companies employ a total of 1,800 people.

Staffing agencies say Bermuda-based reinsurers may not be recruiting as many executives as they have in the past, but they are still looking for talent.

"Right now reinsurance is hiring, as are some of the larger local companies. It is not as it used to be, but we are getting calls," says Marie-Pier Balanger, executive recruiter, The James Partnership.

Doug Soares, partner of recruiting firm Expertise Ltd., agreed, adding: "The only industry which seems to be doing okay so far, is the insurance and reinsurance industry with the exception of certain companies. "

However, he cautioned: "But even that engine of the Bermuda economy may not be unscathed in 2009 depending on the degree of natural catastrophes this year, potential US regulatory changes and the degree to which the financial markets rebound or sink further."

PartnerRe, which employs 75 people in Bermuda, remains positive. President and CEO Patrick Thiele stated this month: "Our performance at the January 1, 2009 renewals confirmed an environment of increasing demand for reinsurance and adequate pricing, and we expect the environment to show gradual improvement through the remainder of the year."

There's been much speculation that Ace would cut staff here because of its decision to move its legal home from the Cayman Islands to Zurich.

But a spokeswoman says Ace has 235 employees in Bermuda and no-one has lost their job in the re-domestication.

"Re-domestication had little or no effect on the Ace Group's operations in Bermuda, where Ace has conducted business since the inception of the company," she said.

"Ace Limited continues to maintain an executive office in Bermuda, and the company's Bermuda-based insurance and reinsurance operations continue to operate without material changes."