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Welcome

Welcome. 2007 Bermuda Perspective Symposium. The Present and Future of the Bermuda Marketplace. a panel-guided exploration. ACE – Rees Fletcher Aon – Dennis Mahoney Marsh – Philip V Moyles Jr. Willis – Donald J Bailey XL Capital – Brian M O'Hara. The Past as Prologue. Farms Clowns

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Welcome

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  1. Welcome

  2. 2007 Bermuda Perspective Symposium

  3. The Present and Futureof the Bermuda Marketplace a panel-guided exploration ACE – Rees Fletcher Aon – Dennis Mahoney Marsh – Philip V Moyles Jr. Willis – Donald J Bailey XL Capital – Brian M O'Hara Hamilton, Bermuda ~ June 4 & 5, 2007

  4. The Past as Prologue Farms Clowns and Trees Hamilton, Bermuda ~ June 4 & 5, 2007

  5. Farms, Clowns and Trees … metaphors for … Let’s take a look behind the metaphors

  6. Farms to Factories– the Industrial Revolution US Pop. in Millions 2000 79.2 %Urban 1950 59.6 %Urban 1900 39.6 %Urban 1850 15.4 %Urban

  7. How manyhere todayremember this headline? March 24, 1986 Hard market of 1984 / 1985 – an upheaval for largeand complex risks, manufacturers andmedical professionals

  8. Birth of the ModernBermuda Marketplace • Specialty-driven • Large capacity • Contract certainty ACE Limited EXEL Limited “the biggest eventin the insurance business since the Great Chicago Fire”– Institutional Investor

  9. A Remarkable Timeline AdventAeolus AmlinArielArrowBlue Ocean New PointNorton OmegaParisPeleusPentelia AWACArch AxisEndurance Mid OceanPartnerTempestRenaissance Cat Ltd. ACE XL Max Re Nephila 1985 / 86 88 92 93 99 01 03 2005 / 07 StarrChubb IPC Centre EverestMontpelierDaVinciGoshawk Olympus PulsarSteamboatValidusWhite Mts ModalNew Castle CyrusDe Shaw FlagstoneForterraHarbor PtHiscoxLancashire

  10. Growth and Maturation • Diversification into traditional lines • Globalization of operations • Accumulation of legacy issues • Start-ups seeking to capitalize on short-term pricing / capacity disequilibria • Price competition – the aroma ofa commodity marketplace

  11. Yesterday … Todayand Tomorrow The Industrial Revolution Agrarian / Labor Industrial / Technology Recent Growth Drivers:  Capital formation Diversification Price Competition Future Drivers:  Incubation  Innovation Differentiation The NewTransformation = The OriginalFormula

  12. Clowns

  13. Daniel Lamarre, CEO • Created uncontested new market space that made the competition irrelevant • Appealed to a whole new group of customers willing to pay a lot more

  14. Red Oceans vs.Blue Oceans • Defined boundaries • Competitive rules known • Crowded space, with reduced opportunity for profits, growth • Products become commodities • Untapped market space • Demand creation • Opportunity for highlyprofitable growth Bermuda

  15. Trees

  16. Landscaping, Treesand Taproots • Landscaping – fleeting pleasure • A limited glimpse of beauty • no real functional value … can be very expensive • Trees – much more time to grow, need optimal conditions • But can grow deep roots and last for generations • Serve a number of practical applications • Bermuda’s tall trees are the companies that respondto client needs through foresight and innovation –and the professionals who carry on that great tradition

  17. The Spirit of 1985 • What are the challenges and opportunities facing the Bermuda marketplace today? • What do our clients want and value? • On a practical level, what can be done to translate the spirit of innovation into products and services that differentiate Bermuda? Q&A

  18. Q&A with the Paneland Audience The “Ultimate” Question • In 50 words or less – what would you say is the Bermuda value proposition? CAPACITY Captives Little Venice Side A Occurrences Reported Form Regulatory Environment TAXES One-stop Shopping

  19. Thank You • Rees Fletcher, ACE • Dennis Mahoney, Aon • Philip V Moyles Jr., Marsh • Donald J Bailey, Willis • Brian M O'Hara, XL Capital

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