Independence vote rattles Bermuda insurance market

Bermuda-based insurance companies are seeking new domiciles in anticipation of the territory's Aug 15, 1995, vote on independence, despite a consensus that most Bermudians will vote against separation from the UK. Many of these insurers are captives, which account for $9 billion to $10 billion of the $13 billion in premiums the Bermuda market commands. Some insurers are said to have set up emergency 'shelf' companies in the Cayman Islands and Barbados.
HAMILTON - Insurance industry leaders here are bracing for the worst should Bermudians vote on Aug. 15 to become independent from the United Kingdom. Officials here believe hundreds of Bermuda [...]