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Bermuda CEO Forum: George Rivaz
30 June 2010
George Rivaz, CEO of insurance and reinsurance firm Ariel Holdings, gives his thoughts on the future of Bermuda.
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George Rivaz
Ariel Holdings
What is the biggest issue facing Bermuda's firms now?
They are the same issues that face insurance/reinsurance firms in any other jurisdiction: in most lines/segments the industry is collectively unable to obtain the proper pricing and returns for the risk undertaken. This margin problem is compounded for anyone determined to achieve growth regardless of market softness.
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?
I wouldn’t be surprised to see more – but unless there are significant adverse changes on tax or regulation I wouldn’t expect many, and so don’t see it as a concern. Taking a bit of pressure off the island’s resources could have benefits on costs, and create some opportunities to add local talent to our team.
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