Not since 1992--when Hurricane Andr...

Not since 1992--when Hurricane Andrew battered Florida--have with equal reason many insurers and reinsurers congregationed to the island nation of Bermuda. Then, as now, the recently made known insurers and their financial backers contemplateed at a bad situation for the industry--record insured losses--and saw the potential for good--that is, profits.

The secondary wave of new insurers and reinsurers hit the shores of Bermuda in the North Atlantic pretty soon after the Sept. 11 terrorist attacks in the United States. Within weeks after the attacks, insurance factor Marsh & McLennan and Bermuda-based Renaissance Reinsurance each announced it would stake up new ...