May 2, 2003

Dear Sir,

Hurray for Dr. Ewart Brown for attaining a second US flight out of Boston.

I thought I'd be just as enthused as he is - but wait. I figured the with the competition of Delta and US Airways flying out of the same city, the ticket prices will also be competitive. Much to my surprise (or I should say “I wasn't surprised”) when I checked the prices, lo and behold Delta's price round trip is $529.65. USAir's price is $529.70 roundtrip. For those of you that are slow to add, that's a difference of five cents. The only other difference is that of an hours difference for arrival and departure of the two carriers (I booked the same days).

So congratulations Dr. Brown! You have succeeded in providing more seats but no financial incentive (maybe this is not your focus) for visitors to fly to our lovely Bermuda. Should one choose to fly this route into Bermuda, I guess the only decision they would have to make is which airline serves the peanuts and which one serves the pretzels. Please sign me...

GETTING SERVED PEANUTS

Springfield, Massachusetts

May 2, 2003

Dear Sir,

I agree with Bermuda's Leader of the Opposition, Dr. Grant Gibbons, that it is time to respond to the outrageous attacks on Bermuda and the way to respond is with a factual history lesson.

Columnists such as Mrs. Huffington and her “Bermuda Project” are shamelessly attacking an island whose financial entities' economic actions over the past 50 plus years have all but prevented certain financial disasters in the US markets. Since the 1960s, Bermuda has continued to play a role that has supported, bailed-out and permitted various US corporations to remain in business, to continue to hire thousands of Americans and pay taxes to state and federal authorities. It is astounding that allegedly intelligent and educated individuals could be so jingoistic by taking up a cause that they obviously have done little research into. Attacking Bermuda is akin to killing the proverbial golden egg-layer...

It was the outright failure (ability and/or willingness) of certain US corporations to meet their US clients' needs that prompted an idea that grew into the captive insurance phenomenon that laid the financial foundation for the Bermuda of today. Being the daughter of the idea man, I have had a first hand account of the steps that were taken to implement his idea and why they were necessary. I can state unequivocally that it is thanks to the inflexibility, complacency and unwillingness of the US's large commercial insurance companies to meet their clients' needs, that Bermuda Inc. was born. The liability crisis can be attributed to the US legal system where uneducated soap opera watchers decide complex issues of contract law and the everyday meaning of words such as “sudden and accidental” are ignored and redefined.

Bermuda companies were created to ameliorate three significant insurance market failures. These companies were never US entities - yet as they have contributed greatly to Bermuda's exposure they are the target of the misinformed lobbyists. These companies should be thanked for keeping various US companies alive (ergo US taxpayers).

Those who correctly point to Bermuda's stabilising role after 9/11 have failed to mention 40 years of stabilising activity where Bermuda entities have meet US corporate risk management needs, provided the excess coverage needed for corporations to continue in business, provided the catastrophe coverage needed to insure American households in wind prone areas, purchased failing US insurers rather than allowing them to go into run-off and I could go on.

As this is a letter for the editor, I will bring it to a close now. However, I have nearly completed a paper expanding on each of the points I mention above that explain why the US is solely responsible for three of the four of the insurance market failures that Bermuda stepped in to solve. Why have I done this? It is time to shed a true light on the “Bermuda” issue in the US in light of the extent of misinformation and misguided flag waving. Someone needs to document and present the facts to the lobbyists and lawmakers - to give the truth the same exposure as the “Bermuda Project” has given the rubbish.

Arianna Huffington seems to be a relatively intelligent lady and if indeed she is, she would make sure she had all the facts about Bermuda before continuing this charade. Then again, if the woman has political aspirations, it would explain her behaviour as the big, bad wolf that is huffing and puffing - some one needs to tell her that Bermuda is made of brick. Someone needs to get out there and fight for us.

NICOLETTE J. REISS

Minnesota