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Bermuda CEO Forum: Michael McGavick
29 June 2010
Michael McGavick, CEO of insurance and reinsurance firm XL Capital, gives his thoughts on the future of Bermuda.
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Michael McGavick
XL Capital
Bermuda
Deepwater Horizon
Bermuda
What is the biggest issue facing Bermuda's firms now?
Insurers and reinsurers operating in Bermuda are faced with the same challenges as any other reinsurance market, chiefly softening rates across the market. In that respect the challenge for Bermudan firms is no different from anyone else.
With the likes of Flagstone Re and XL Capital redomiciling to Luxembourg and Ireland respectively, do you expect to see more firms leaving Bermuda and is this trend a concern?
It is important to point out that we have approval from our shareholders to move our holding company from the Cayman Islands. We are not leaving Bermuda. Bermuda is a vibrant market place and we will continue to be here.
The reinsurance industry has been hit by the most expensive first quarter catastrophe losses on record, can the market withstand an above-average hurricane season?
The reinsurance industry is still well placed to withstand...
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