Is Bermuda the new Xanadu?

Not according to the FSA and one industry commentator.

FSA insurance directorate supervisor Jack Wylde and Ecclesiastical corporate governance manager Rob Cawthorne both told delegates at the Mansion House seminar on regulation last week that the hard cycle was already on the way out.

"Bermuda is only here for a maximum of two years.

"The hard market is going soft and Bermuda will go with it," said Wylde.

Cawthorne added: "Once regulation is in place, Bermuda will slowly die out."