According to an article today in Ellan Vannin Jiu (hey, you didn’t know that is “Isle of Man Today”) the local Insurance and Pension Authority is keeping close tabs on developments in the reinsurance sphere.
> David Vick, chief executive of the IPA, said: ‘Bermuda is the international centre for large reinsurers. It’s a very highly developed market, having said that, there are a number of reasons why other centres such as the Isle of Man might be attractive for that business. At the moment Bermuda is the key centre, but there are some interesting developments from an Island context.’
> He added: ‘International reinsurance companies are very highly capitalised and don’t employ high volumes of staff, but employ specialised, highly qualified staff. This fits the profile of businesses the Isle of Man wants to attract.’
> Mr Vick added that adapting Manx legislation to attract these companies wouldn’t be too difficult to achieve.
It’s not a bad idea actually. The Isle of Man is quite quirky in many way, it’s near Dublin which is a growing every day as a financial centre, it’s not far from London, it has the TT races, no upper speed limit and a great collection of old fisherman’s hymns (what?!).
Oh, and Bermuda’s more or less full, isn’t it?
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