Why Bermuda?
UIC’s original decision in choosing Bermuda has proven prophetic. Since United established its presence in the early 1960’s Bermuda has been recognized as the domicile of choice for the world’s offshore insurance business. Statistics show that Bermuda has more than 1,200 insurance companies listed on its registry of companies.
Total assets amounted to $473 billion with capital and surplus calculated at year end 2008, amounting to $157 billion. Overall gross premiums written amounted to $123.5 billion with net premiums amounting to $107.9 billion. Underwriting restraint and continued security remain a strong focus of the Bermuda market as the latest statistics show an industry-wide premium to capital and surplus ratio of .787 to 1.
Behind Bermuda’s success and the steady expansion of its insurance business is its “five star” global rating as a high quality financial and economic center, a politically stable government, and most importantly, a highly developed and sophisticated insurance infrastructure that works because it relies as its cornerstone on a system of shared regulation among and between the government and insurance industry professionals. It is the financial strength of the market, key developments in innovative risk financing and strong, flexible regulation that have made Bermuda “The World’s Risk Capital”.
UIC is an insurance provider, not subject to regulatory authority of the individual States and Provinces of the U.S. and Canada. In that context, UIC has the flexibility to develop and provide unique insurance products to the members of the printing industry in the U.S. and Canada in
a more timely and focused manner.