Europe's answer to Bermuda.

Many Bermudian reinsurers have set up offices in Ireland to serve as their European headquarters. The average yearly temperature is 17 degrees Celsius and the annual rainfall is 62 millimetres. But Ireland is regarded by some as Europe's answer to Bermuda. Max Re opened Max Insurance Europe, in Dublin, Ireland's capital city. Eamon O' Brien, managing director of Aon Insurance Managers, a captive manager in Dublin, calls Ireland's capital city the Bermuda of Europe. Rachel Panagiodis, chief executive of life insurer Hansard Europe in Dublin, says her company set up in Dublin 10 years ago because it expected the city to become a market in its own right. INSET: Save money on tax.