will close the insurance chapter of her life forever.

Working for the branch of XL Capital for 12 years, Ms Downs has watched it grow from a "family-like office'' in Barbados and Bermuda into a booming corporation -- a giant on the Island -- with arms reaching all over the world.

And since the 43-year-old first entered Bermuda's then-fledgling insurance sector with Sedgwick in 1982 she has also seen the whole sector explode to become the Island's most lucrative industry.

Yesterday Ms Downs told The Royal Gazette of the huge changes she has watched in her years as an underwriter and the many opportunities the sector now presents for young Bermudians.

"I joined XL Capital -- then Exel -- in February 1988 in Barbados where I was working at the time with Sedgwick. That was pretty soon after XL was set up in the summer of 1986,'' she said.

Before she joined the company Ms Downs gained wide experience in the sector in Barbados, Bermuda and the United Kingdom -- which she says was vital in enabling her to rise through the ranks.

"In Bermuda it makes a lot of sense to get into this industry. Of course sometimes young people don't realise to reap the rewards you have to put in your time.

"Young Bermudians should also realise that getting the best jobs here is very competitive and if they can somehow work abroad in the industry they should do that first so they bring some real exposure to the table here.'' When she joined XL there were only 12 employees in Barbados and about the same in Bermuda.

The ranks will swell to around 1,000 this Summer when the takeover of US-based NAC Re is complete but even before that deal there are about 600 employees in Bermuda, London, Dublin, New England, Frankfurt and Singapore.

"You can imagine the difference that goes with that sort of growth. I've seen it grow from the small company mentality and family-like feel into a very large corporation,'' Ms Downs said.

At first the company focused on three product lines -- general liability, directors and officers liability and errors and omissions liability but through acquisitions XL has diversified away from straight insurance.

During her time at XL, Ms Downs has also seen the market swing from one extreme to another but she believes it is now teetering on the verge of tipping back.

"When the company formed it was a sellers' market but that seems to have turned right around and a lot of people are hopeful that we've reached the very bottom of the reverse market.

"When I started it was extremely hard and now I am leaving as it is at the bottom of the soft market. It's certainly been exciting.''