Business Services Industry
Hard market fuels growth at largest captive domicile.
Business Insurance, February, 2002 by Bradford, Michael
HAMILTON, Bermuda-A busy year became much busier last fall for Bermuda's captive managers. Captive inquiries have poured into the domicile since Sept. 11 as insurance buyers search for alternatives to high rates in the commercial market. And captive managers expect the pace to remain hectic for a while.
``We've never been busier,'' said David Ezekiel, president and managing director of International Advisory Services Ltd. In the last quarter of 2001, ``the market hardening was worsened'' by the terrorist attacks, he said, and ``we saw a huge amount of activity.'' The scramble to contain insurance costs ``can only be positive for captives,'' as long as there is affordable reinsurance capacity for the facilities, said Colin C. James, president of Atlantic...
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