Citadel Investment Group

At least eleven new insurers have incorporated in Bermuda over the last two months, bringing with them capital that is likely to top $10 billion once financing has been completed. If Jan. 1 policy rates are as high as many expect them to be, these firms will have not so much a license to offer insurance as one to print money. All have set themselves capital-raising targets from $500 million to $1.5 billion, with $1 billion being the most popular target figure.