January 1 2002 may turn out to have been a timely moment to switch the regulation of Bermuda's fast-growing insurance sector
from the finance ministry to the Bermuda Monetary Authority. In the final weeks of last year, Bermuda was in the spotlight as more than $10 billion of capital poured into new and existing Bermudan insurance companies as part of a rapid recapitalization of the industry worldwide.
Home to a growing number of highly sophisticated insurers and reinsurers (which provide insurance to insurance companies), Bermuda is fast becoming a principal engine of change in the insurance industry. And, after last year's experiences, it is an industry that could be entering a period of profound change.
Bad years are nothing new in the insurance world. Just ask anyone who has been a member of an insurance syndicate - either in a private capacity or as a corporate member - at Lloyd's of London in recent times.