Analysts this week refuted claims by Hiscox chief executive Bronek Masojada that Bermuda-based insurers plan to acquire Lloyd's rivals following last year's major hurricane losses.
According to reports, Masojada said he believed that Bermuda businesses would buy Lloyd's insurers in order to diversify.
But Mark Hennessy, director of Lexicon Partners, said: "I think it is unlikely that we will see the major Bermuda players targeting Lloyd's insurers in the short term."
He said the "class of 2001" - Bermudan companies that sprang up to take advantage of hardening rates post-9/11 - was "predominantly funded by private equity firms which are now actually looking to sell their stake".
Hennessy added: "Directors of the Bermuda companies are having enough problems explaining to their shareholders the implications of the hurricane losses without buying Lloyd's players."