Bermuda is what “Insuranceland” would look like if Disney added such a unit to its Epcot Center. On practically every block in downtown Hamilton, you see a major insurance company or brokerage office. It’s almost impossible to sit down at any public place and not run into someone you know from the business.
Sam Friedman paints an interesting picture of Bermuda – You’ve got to love a place that spikes its soup! – and a troubling one as well. While covering Professional Liability Underwriting Society conference, Friedman filed this report.
Bermuda faces a number of threats to its supremacy as a global insurance center, including a potentially “catastrophic” challenge to its relative tax advantage, the U.S. consul general warned in a speech here. Continue reading “Spike needed in US economy, keep the soup!”