Badly-named, but well-capitalised a welcome to the class of 2002

On December 11, DON KRAMER, the vice-chairman of Ace Ltd, was the guest speaker at the Bermuda Insurance Institute’s annual Christmas luncheon. Mr Kramer came to Bermuda as the founder and chairman of Tempest Re as part of the "class of ’93", and he took the opportunity to review the tremendous changes in the Bermuda insurance market over the past 10 years as well as to salute the newest companies on the block ...

MR Kramer began his speech by pointing out that, only the previous day Veronique de Rugy of the Cato Institute, a Washington DC-based think-tank, had told the Bermuda International Business Association (Biba) that Bermuda should be proud of what it has achieved and not ashamed of its tax status.