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Bermuda CEO Forum: Mark Watson
02 July 2010
Mark Watson, CEO of Argo Group, gives his thoughts on the future of Bermuda.
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Bermuda CEO Forum
Mark Watson
Argo Group
What is the biggest issue facing Bermuda's firms now?
Dealing with a soft market, declining investment income and a soft global economy. It’s rare that the bottom of our industry cycle coincides with the bottom of an economic cycle, but this time it does. So we have significant price competition on top of declining demand for our products and services. Managing through this time by maintaining underwriting discipline with growing quarterly pressure will remain a significant challenge.
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 don’t think it’s a trend. Remember that XL was domiciled in Cayman, not Bermuda. I think what we should focus on is whether Bermuda continues as a significant market place and not whether it’s the domicile of choice for corporate...
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