Ironshore chief executive officer Kevin Kelley told an audience of insurance executives that when his company chose to base its operations in Bermuda "tax considerations were secondary".

Efficient regulation, solid infrastructure and the presence of industry expertise were key factors in Ironshore's commitment to the Island, Mr. Kelley said at The Bermuda Breakfast event, sponsored by insurance broker Willis, at the Rosen Center Hotel in Orlando.

Ironshore chose Bermuda as its operating base when it set up with around $1 billion in capital in early 2007. Mr. Kelley joined the company last year after a 33-year stint with American International Group company Lexington Insurance.

"Why Bermuda?" Mr. Kelley said. "Because it has a strong and rich history. Bermuda recognises it's part of the global financial system and it has to compete on that stage."

The speed of company formation possible for a start-up in Bermuda was a major factor in its favour as a jurisdiction, Mr. Kelley added.

"Bermuda has a robust infrastructure in accounting, finance and auditing, as well as ancillary services and other financial capabilities," he added.

"Bermuda supports global businesses that employ people in other countries who pay taxes in those countries. Bermuda has an economic model that is unique and that has worked."

Ironshore has branched out successfully and now has operating platforms in the US and in the London market. In Bermuda, it launched Iron-Starr Excess earlier this year, a joint venture with CV Starr, a company owned by former American International Group boss Maurice (Hank) Greenberg. The new venture employs six people in Bermuda and Mr. Kelley plans to add four more staff by the end of the year. The company has around 70 staff in Bermuda in total.

"At Ironshore we have an expanding need for office space - something that runs contrary to so many trends, not only in Bermuda," Mr. Kelley added. "Bermuda has been important to our past and it will continue to be important in our future."

Vince McGeehan, as executive vice-president and managing director of Willis Bermuda, who introduced Mr. Kelley onto the podium, also stressed the importance of the Bermuda market to the industry.

"While the rest of the world is running away from risk, Bermuda is embracing it," Mr. McGeehan said. "When the market changes, that when people flock to Bermuda, because that's where the expertise is.

"It's not about tax, it's about capital commitment."