A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.

Prior-year legacy deals and higher reinsurance costs are just some of the issues that brokers, MGAs and other cedants are confronting in clearing up after the debacle over allegations regarding faked letters of credit.

WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.

The issues have put a spotlight on partial collateralisation, the leverage of the fronts, and the challenges of assigning responsibility.