I realise that for business reasons insurers are jumping on the Bermuda band wagon, 'making hay while the winds blow'.

However, it does seem a bit hypocritical that, while these same people are preaching compulsory regulation for the London market, they are quickly moving to an area where regulation is probably less than the Colombian drugs industry.

The level playing field would appear to be fast moving away from any benefit to London.

Roger Foord