Bermuda more respected than ever as a reinsurance centre, says Cash
When it comes to providing reinsurance coverage, countries around the world have more appreciation for tiny Bermuda today than ever before.That is the belief of Endurance CEO David Cash, who in an audio interview with ratings agency AM Best, said US regulators are quite aware of the Island’s importance to catastrophe-prone states, such as Florida.“The risk of catastrophe in Florida is great and the importance of Bermuda’s reinsurers to Florida marketplace is significant,” said Mr Cash, who was in London on behalf of Business Bermuda for their annual financial services roadshow. “And, for that reason, I think we have always had a sensible working relationship with US states and US marketplace.”He added that what Bermuda’s reinsurers do for the US, they can equally do for Europe and the Pacific and Asian regions.“The regulators on that side of the world understand how important it is to have Bermuda capital brought in to their markets to support their insurers and reinsurers,” he said, referring to catastrophes in which Bermuda’s reinsurers helped provide capital support, including the earthquakes in Chile, New Zealand and Japan as well as the floods in Australia and Thailand.“I feel there is a better understanding and appreciation for us today than ever existed in the past.”Mr Cash, who is also the chairman of Business Bermuda, has been in London this week touting the Island’s financial services sector, stating Bermuda is not only a reinsurance domicile but also a jurisdiction for Islamic financing, trusts and collateralised financial structures as well.In a separate interview with the Insurance Insider, Mr Cash further confirmed Bermuda’s relevance despite some reinsurers switching their headquarters from the Island.“I don’t think any of us seriously question whether Bermuda should be our domicile or not,” said Mr Cash in the interview.To listen to AM Best’s full audio interview featuring Mr Cash, visit www.ambest.com.