Insurance industry regulation in Bermuda needs to be stepped up so that financial oversight falls in line with the rest of the world, according to Evan Greenberg, chief executive of Bermuda's largest insurer.
Mr. Greenberg, president and CEO of ACE Ltd., offered the observation during a wide-ranging interview with National Underwriter, which focused on ACE's competitive advantages and strategies.
Asked about the increasing competition for professional talent that has emerged in Bermuda, as more than 10 new insurers rushed to open for Jan. 1 renewals, Mr. Greenberg said the situation puts Bermuda at risk of becoming “an uncompetitive environment,” and that weaker regulations are also a problem.
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