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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (5653)	2/19/2002 10:31:50 AM
From: Logain Ablar	Read Replies (1) \| Respond to of 33421

Ray: I just pointed out some weaknesses in the article saying insurers incorporated in Bermuda to avoid taxes. It was wrong. From a tax standpoint one has to look @ the issues of a US company being @ a competitive disadvantage due to taxes on their foreign operations. On Regulatory side it is only your opinion they are cheating. From a practical standpoint they would not be in business if they did not due it. They would not be able to compete against the Swiss Re's of the world. I'm serious those new Bermuda Reinsurers are up and running writing new business. With luck they might be licensed in one state if they were in the US (Oct to Feb is 4 1/2 months and its more like 6, with over a year to be in all 50). At some point our government will have to ask why there has been no major capitalized reinsurer created in the US since 92 time frame (Discover Re now part of St Paul). They are all being created outside US. More jobs moving off shore. Not just manufacturing.