The “Risk Factors” in the SEC filings of Bermuda insurers can give you a good idea what pisses em off. It was clear from the get-go that Term Limits were a problem for them (see here from 2008).
More recent filings from 2012 show little improvement, where companies belabor the unpredictability of Bermuda’s “key employee” and “Job Makers Act 2011″ bandaids. Even more interesting is this admission:
Moreover, our exposure to potential regulatory initiatives could be heightened by the fact that our principal operating companies are domiciled in, and operate exclusively from, Bermuda. For example, Bermuda, a small jurisdiction, may be disadvantaged in participating in global or cross border regulatory matters as compared with larger jurisdictions such as the U.S. or the leading European Union countries. In addition, Bermuda, which is currently an overseas territory of the U.K., may consider changes to its relationship with the U.K. in the future. These changes could adversely affect Bermuda or the international reinsurance market focused there, either of which could adversely impact us commercially.
Funny, the independence advocates never seem to raise that point. An independent Bermuda would be the size of a backwoods village. It would be imminently forgettable in terms of international relations. And the insurers are very wary of it.