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Bermuda is angling to pick up props from European regulators. There's plenty at stake – namely, the huge insurance and reinsurance presence on the island. If the Bermuda Monetary Authority can demonstrate its oversight chops, the industry won't need to seek greener pastures when Solvency II, a new insurance regulatory measure, takes effect. Changes to capital and supervision rules in Europe, particularly with Solvency II in the works, could affect companies like Axis (AXS), Catlin (CLNGF), Flagstone Re (FSR), RenaissanRe (RNR) and XL Insurance (XL). So, what's on the table? Well, gross written premium hit $104 billion in Bermuda last year. If you use Lloyd's of London as a reference point, Bermuda is four times larger. Though the U.S. leads in throwing business to insurers in Bermuda, Europe isn't far behind in second. This is why Bermuda is thinking about Solvency II. Even though the directive only applies directly to European carriers, secondary effects will be evident around the world.
The most important time in the reinsurance business is upon us: the January renewal. The pricing and market conditions that shape the risk-transfer prices paid by insurance companies now set the tone for the transactions to follow for the rest of the year (usually at the beginnings of April, June and July), and 2010 looks like it will provide a drastic departure from 2009. After enduring both the global financial crisis and Hurricanes Gustav and Ike in late 2008, the reinsurance industry recovered quickly, and as the 2010 renewal approached, it was evident that reinsurance rates would decline.
It is shaping up to be another tough day for the market as traders continue to express concerns over a possible recession, disappointing earnings numbers, surging crude oil prices and persistent weakness for the U.S. dollar. However, not all the companies are joining the general market anxiety, and Swiss Re made strong gains, trading up 4.9% in the Zurich exchange, despite 
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