After several articles that suggested real concern from British insurance regulators about "some Bermuda companies'' and their strength and viability, reports also revealed some verbal doubts that Bermuda's regulatory climate was adequate.

During attendance at the RIMS Conference, Dr. Hughes remarked that the Bermuda market had matured considerably and had entrenched itself on the international scene.

"The Bermuda market, no longer sees huge blips of ups and downs, especially fewer downs. We see steady growth, and I don't see that changing,'' he said.

"We've got a different market developing with the catastrophe companies and the excess of loss companies. I just see it growing from strength to strength.'' With regard to the rancour in London about the Bermuda market, he said: "Some people are suggesting that criticisms from other markets are a natural thing as we become a bigger market.

"Before, we were very important to the captive market, but we were not any threat to anyone else, and we just ticked along in our own little niche. But now we are getting to be a big player on the world insurance scene. I guess this is what comes with the territory.

"Some things are going to go better than others for you. You know we have had problems with one or two companies, and then the next thing you know you get picked on by other big markets.

"All big markets have problems. Lloyd's itself, as you know, is facing huge problems. We are playing in the big market now and its just a natural part of growth.'' He doubted Bermuda will fare any worse than other large markets.