Insurance Day has published an article called “Bermudians Opt for Zurich as a Base”.
“In what was regarded as a one-off, in 1998, Bermuda-based insurer Partner Re pitched its tents in Zurich. Five years on, the movement of Bermudian companies into Zurich has become a flood.”
Other Bermuda names who have recently taken to the alpine air include Bank of Butterfield, Axis Re, Ace, Catlin, XL, Arch Re, Montpelier Re, Aspen Re, Paris Re, Glacier Re, and more.
I guess this article is intended as a gentle nudge to Bermuda. While it’s true that these new offices are useful sales locations close to the European markets, there are many signs that other jobs are also naturally shifting from Bermuda to the onshore offshore of Switzerland.
A spokesman for the Bermuda Government discounted the news by blathering something that managed to be both arrogant and naive.
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