The Bermuda Insurance Captives: Issues and Perspectives

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The last two decades have seen a massive upsurge in insurance claims arising from catastrophes, both natural and man-made. Earlier, claims were within manageable limits, and reinsurers rarely reneged on commitments. But catastrophes seemed to have entered a high intensity mode since 1992. Reinsurance capacities are strained to the utmost, and even highly rated reinsurers have exited the market. Today, prime among these risk transfer mechanism options are captive reinsurers, of which the Bermuda captives have emerged as the most resourceful. They are wholly or partly held reinsurance subsidiaries set up by mainland insurers for their own reinsurance needs. Neither the other alternative risk transfer mechanisms nor captive markets have been able to equal Bermuda’s explosive growth.The book traces the incredible rise of the Bermuda captives, but does not fail to raise some pertinent questions about the factors underlying Bermuda’s resourcefulness. Reasons for the industry being more vibrant in Bermuda than in any other offshore center, although they share some common benefits and the effectiveness of Bermuda’s self-regulatory mechanism. Can Bermuda hold on its own in a fast-changing regulatory scenario and the looming threat of competition from other insurance offshore centers like Cayman Islands? As Bermuda faces more intense competition, accounting regulations become more stringent and more external regulations are imposed. What would be the impact of all these changes on Bermuda’s captive industry? The book, which answers these questions, will be of great interest to insurers, management consultants, faculty and students of insurance and other readers, in general. 

ABOUT THE AUTHOR Jayshree Bose

Jayshree Bose is a first class postgraduate and National Merit Scholarship holder from Calcutta University. She has had a prolonged career in the Mumbai media circles with national financial dailies such as Business Standard and Financial Express and magazines such as Businessworld. She served there for over 16 years in senior capacities such as Associate Editor and Assistant Editor, and has been a prolific writer on topics related to banking, insurance and the economy, which are her prime areas of interest. During her tenure at Mumbai, some of her articles led to a series of financial sector reforms. She was earlier a consultant with the Institute for Financial Management and Research (IFMR), an ICICI Bank-sponsored Business School and Research Institute at Chennai. She has also written and edited books on banking and finance for KPMG and Jardine Fleming and brought out special issues of the Indian Banks' Association (IBA) Journal on a turnkey basis. Jayshree Bose is now a Faculty Member-Consulting Editor with Icfai Books, a division of the Icfai University Press, where her work involves writing articles and editing books on her special areas of interest such as banking, insurance, the economy and business strategy. She is also a regular contributor to professional magazines on insurance and banking.

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Bibliographic information

Title
The Bermuda Insurance Captives: Issues and Perspectives
Author
Edition
1st ed.
Publisher
ISBN
8131408620
Length
260p.
Subjects