Managing business with a global rather than a local market mindset can have material benefits, according to a report published today by Standard & Poor's.
"We believe the corporate structures of the future will have a significant impact on whether competitive positions thrive or fail," said credit analyst Marcus Rivaldi.
According to the report, "The Rise of The Global (Re)Insurance Nomad", the benefit of these structures will come from them having the ability to manage their way through the underwriting cycles and the international movement of business, and appealing to increasingly demanding and transient capital providers – hence becoming "global nomads".
In this case, the report finds that the much aired debate about Bermuda versus London is less relevant than optimising the strengths and weaknesses of both markets.
The Class of 2001 start-ups typify this approach, rarely writing purely through Bermuda, but rather rapidly expanding their operations to include other business lines written in a broader range of jurisdictions.
"Executives are recognizing that their organizations are best served if they can benefit from the advantages common to London and Bermuda combined, rather than those in one or other of the centers," said Rivaldi.
Furthermore, it would appear that the development of new financial centers and the changing regulatory landscape is set to offer new opportunities, as seen in Dublin where the rapid introduction of the EU Reinsurance Directive has boosted its development as a reinsurance market.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
