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<br /> BERMUDA QUINCENTENNIAL<br /> The Years of Discovery<br /> BERMUDA<br /> IN BUSINESS FOR 500 YEARS<br /> Published in Association with the Government of Bermuda<br /> BAHAMAS | BARBADOS | BERMUDA | CAYMAN | GUERNSEY | UNITED KINGDOM<br /> Future Possibilities Enriched by Past Experiences.<br /> Our view of the world is very different from that of our forebears. Years of discovery,<br /> exploration and accumulation of knowledge have provided a solid foundation for<br /> the future.<br /> At Butterfield Bank, over 145 years of experience has allowed us to recognise and adapt<br /> to our customers' changing needs. Today, our expertise affords customised financial<br /> services to a wide variety of clients with a diverse range of needs. Butterfield Bank offers<br /> competitive pricing, products and services critical to your success in the following areas:<br /> · Personal Banking<br /> · Corporate Banking<br /> · Private Banking<<a title="Bermuda page 1" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=1"> BERMUDA QUINCENTENNIAL The Years of D</a> <a title="Bermuda page 2" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=2"> BAHAMAS | BARBADOS | BERMUDA | CAYMAN</a> <a title="Bermuda page 3" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=3"> (c) 1997 Bermuda Zoological Society </a> <a title="Bermuda page 4" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=4"> </a> <a title="Bermuda page 5" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=5"> </a> <a title="Bermuda page 6" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=6"> ACKNOWLEDGEMENTS </a> <a title="Bermuda page 7" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=7"> ACKNOWLEDGEMENTS ACKN</a> <a title="Bermuda page 8" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=8"> BERMUDA Bermuda has everything for international</a> <a title="Bermuda page 9" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=9"> CREDITS BERMUDA IN BUSINESS FOR 500 YEARS Pub</a> <a title="Bermuda page 10" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=10"> &UNDAMENTAL STRENGTH ENABLES COMPANIES TO HARNESS</a> <a title="Bermuda page 11" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=11"> CONTENTS </a> <a title="Bermuda page 12" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=12"> while you deal with today, we'll take care of t</a> <a title="Bermuda page 13" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=13"> CONTENTS Andrea Bieler, Front St Hamilton 192</a> <a title="Bermuda page 14" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=14"> </a> <a title="Bermuda page 15" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=15"> CONTENTS Gustave Cimiotti, Flower Farm. Maste</a> <a title="Bermuda page 16" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=16"> Photo: Roland Skinner-Picturesque, Bermuda Ca</a> <a title="Bermuda page 17" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=17"> OPENING NOTE OPENING NOTE His E</a> <a title="Bermuda page 18" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=18"> From start .... D&J EXCAVATING & LANDSCAPING LTD</a> <a title="Bermuda page 19" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=19"> FOREWORD FOREWORD The Hon</a> <a title="Bermuda page 20" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=20"> FOREWORD </a> <a title="Bermuda page 21" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=21"> Alea would like to congratulate Bermuda on its 50</a> <a title="Bermuda page 22" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=22"> CAN A FIRM BE A JACK OF ALL TRADES AND A MASTER </a> <a title="Bermuda page 23" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=23"> On 20 February 1969, the Government of Bermuda pa</a> <a title="Bermuda page 24" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=24"> INTRODUCTION Continuing change in internation</a> <a title="Bermuda page 25" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=25"> General Contractors and Construction Managers </a> <a title="Bermuda page 26" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=26"> American International and Bermuda 19</a> <a title="Bermuda page 27" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=27"> HISTORY OF BERMUDA A PROUD AND INDEPENDENT PEOPLE</a> <a title="Bermuda page 28" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=28"> HISTORY OF BERMUDA Edward James, Confedera</a> <a title="Bermuda page 29" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=29"> HISTORY OF BERMUDA apparent that this English</a> <a title="Bermuda page 30" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=30"> HISTORY OF BERMUDA Monarch of Bermuda on s</a> <a title="Bermuda page 31" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=31"> HISTORY OF BERMUDA some retailers were left w</a> <a title="Bermuda page 32" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=32"> HISTORY OF BERMUDA allow black people to sit in t</a> <a title="Bermuda page 33" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=33"> HISTORY OF BERMUDA start to grow until the 195</a> <a title="Bermuda page 34" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=34"> US Airways congratulates Bermuda on its 500th ann</a> <a title="Bermuda page 35" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=35"> HISTORY OF BERMUDA FRIENDS AND NEIGHBOURS Gavin </a> <a title="Bermuda page 36" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=36"> HISTORY OF BERMUDA Dept. of Communication & Info</a> <a title="Bermuda page 37" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=37"> HISTORY OF BERMUDA Swan, the population voted</a> <a title="Bermuda page 38" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=38"> COMPANIES </a> <a title="Bermuda page 39" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=39"> COMPANIES </a> <a title="Bermuda page 40" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=40"> </a> <a title="Bermuda page 41" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=41"> COMPANIES FOUNDATIONS: THE BERMUDA REGISTRAR OF C</a> <a title="Bermuda page 42" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=42"> COMPANIES international and domestic busin</a> <a title="Bermuda page 43" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=43"> COMPANIES STATISTICS 2003 </a> <a title="Bermuda page 44" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=44"> BERMUDA INSURANCE & REINSURANCE BROKERS ASSOCIATI</a> <a title="Bermuda page 45" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=45"> COMPANIES A VOICE FOR INTERNATIONAL BUSINESS </a> <a title="Bermuda page 46" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=46"> depth of experience Aspen is a leading global p</a> <a title="Bermuda page 47" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=47"> COMPANIES A TALE OF TWO PREMIERS Lee Coppack r</a> <a title="Bermuda page 48" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=48"> Our Mission Statement Through the </a> <a title="Bermuda page 49" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=49"> COMPANIES ASIAN PIONEER FINDS HOME IN BERMUDA Har</a> <a title="Bermuda page 50" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=50"> </a> <a title="Bermuda page 51" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=51"> COMPANIES business sectors quickly followed. BE</a> <a title="Bermuda page 52" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=52"> COMPANIES BERMUDA PEOPLE: MANSFIELD (JIMMY) BRO</a> <a title="Bermuda page 53" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=53"> COMPANIES very varied and wide. Part of my job</a> <a title="Bermuda page 54" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=54"> “IN ALL PHOTOGRAPHY THERE IS NOTHING PLATINUM PR</a> <a title="Bermuda page 55" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=55"> COMPANIES BERMUDA DOMESTIC INSURANCE MARKET Ins</a> <a title="Bermuda page 56" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=56"> RE/INSURANCE </a> <a title="Bermuda page 57" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=57"> RE/INSURANCE </a> <a title="Bermuda page 58" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=58"> Exploring New Horizons Tokio Mi</a> <a title="Bermuda page 59" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=59"> RE/INSURANCE REGULATION OF INSURANCE IN BERMUDA I</a> <a title="Bermuda page 60" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=60"> RE/INSURANCE proposed senior management and busin</a> <a title="Bermuda page 61" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=61"> 3 Mutual Insurance Companies. 113 Energy Industry</a> <a title="Bermuda page 62" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=62"> </a> <a title="Bermuda page 63" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=63"> RE/INSURANCE FROM ROCK TO RISK CAPITAL David Ez</a> <a title="Bermuda page 64" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=64"> RE/INSURANCE become major players. The establishm</a> <a title="Bermuda page 65" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=65"> RE/INSURANCE Attorney Liability Assurance (AL</a> <a title="Bermuda page 66" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=66"> Stability Stability amid amid Turmoil Turmoil </a> <a title="Bermuda page 67" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=67"> RE/INSURANCE STARR COMES TO BERMUDA The American</a> <a title="Bermuda page 68" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=68"> RE/INSURANCE </a> <a title="Bermuda page 69" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=69"> RE/INSURANCE It took time to rearrange the v</a> <a title="Bermuda page 70" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=70"> RE/INSURANCE below, which visiting executives cou</a> <a title="Bermuda page 71" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=71"> </a> <a title="Bermuda page 72" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=72"> RE/INSURANCE CAPTIVATING PEOPLE Three men who </a> <a title="Bermuda page 73" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=73"> </a> <a title="Bermuda page 74" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=74"> RE/INSURANCE The energy industr y was an early us</a> <a title="Bermuda page 75" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=75"> RE/INSURANCE also provide a training ground f</a> <a title="Bermuda page 76" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=76"> RE/INSURANCE LEGAL ASPECTS OF THE BERMUDA INSUR</a> <a title="Bermuda page 77" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=77"> RE/INSURANCE CAT UNDERWRITERS After Hurricane </a> <a title="Bermuda page 78" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=78"> </a> <a title="Bermuda page 79" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=79"> RE/INSURANCE Healthcare captives are growing.</a> <a title="Bermuda page 80" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=80"> RE/INSURANCE CAPTIVE TERMINOLOGY by Peter Willett</a> <a title="Bermuda page 81" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=81"> The Tillinghast business of Towers Perrin congrat</a> <a title="Bermuda page 82" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=82"> RE/INSURANCE MARITIME MUTUALS AND BERMUDA Thre</a> <a title="Bermuda page 83" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=83"> RE/INSURANCE sterling against the dollar hit t</a> <a title="Bermuda page 84" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=84"> `Held Captive' A History of International </a> <a title="Bermuda page 85" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=85"> RE/INSURANCE MUTUAL INTERESTS IN ENERGY Oi</a> <a title="Bermuda page 86" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=86"> RE/INSURANCE change was in the wind for the petro</a> <a title="Bermuda page 87" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=87"> RE/INSURANCE OIL and sEnergy operate on </a> <a title="Bermuda page 88" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=88"> </a> <a title="Bermuda page 89" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=89"> RE/INSURANCE THE LIFE OF BRIANS The histories </a> <a title="Bermuda page 90" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=90"> RE/INSURANCE HOW DO YOU FEEL ABOUT THE INSURAN</a> <a title="Bermuda page 91" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=91"> Albert Gleizes, La Maison du Gouverneur (the Gove</a> <a title="Bermuda page 92" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=92"> RE/INSURANCE THE BERMUDIANA STORY Set in a 15 a</a> <a title="Bermuda page 93" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=93"> RE/INSURANCE deteriorating. He persuaded his o</a> <a title="Bermuda page 94" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=94"> Legacy of a Premium Company Don Facundo Bacar</a> <a title="Bermuda page 95" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=95"> Original Compañía Ron BACARDI S.A. headquarters i</a> <a title="Bermuda page 96" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=96"> Originally Eguilior's design called for </a> <a title="Bermuda page 97" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=97"> </a> <a title="Bermuda page 98" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=98"> ,ISTEN ,ISTEN ,ISTEN #OMMIT !T0ARTNER2E WERESPECT</a> <a title="Bermuda page 99" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=99"> RE/INSURANCE SMALL ISLAND: BIG MARKET Darren Oli</a> <a title="Bermuda page 100" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=100"> RE/INSURANCE reinsurers. Investments had failed t</a> <a title="Bermuda page 101" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=101"> A REFRESHING BLEND OF CHALLENGING SANDS AND CHA</a> <a title="Bermuda page 102" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=102"> RE/INSURANCE not the only way of taking surplus c</a> <a title="Bermuda page 103" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=103"> </a> <a title="Bermuda page 104" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=104"> </a> <a title="Bermuda page 105" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=105"> RE/INSURANCE GRADUATING WITH DISTINCTION: CLASS</a> <a title="Bermuda page 106" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=106"> RE/INSURANCE reinsurer, NAC Re Corporation, an</a> <a title="Bermuda page 107" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=107"> RE/INSURANCE aggressive approach to generate i</a> <a title="Bermuda page 108" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=108"> RE/INSURANCE had been Chairman and Chief Execu</a> <a title="Bermuda page 109" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=109"> </a> <a title="Bermuda page 110" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=110"> RE/INSURANCE A PRIMER ON BERMUDA REINSURANCE LAW </a> <a title="Bermuda page 111" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=111"> RE/INSURANCE of reinsurance contracts, Bermuda co</a> <a title="Bermuda page 112" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=112"> RE/INSURANCE A BROKER'S PERSPECTIVE Bermuda's br</a> <a title="Bermuda page 113" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=113"> RE/INSURANCE A VOICE FOR BROKERS Insurance bro</a> <a title="Bermuda page 114" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=114"> RE/INSURANCE TRANSFORMING RISK Market disruption</a> <a title="Bermuda page 115" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=115"> RE/INSURANCE Northridge, CA, earthquake January 1</a> <a title="Bermuda page 116" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=116"> </a> <a title="Bermuda page 117" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=117"> RE/INSURANCE CHANGING INVESTMENT PERSPECTIVES F</a> <a title="Bermuda page 118" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=118"> RE/INSURANCE income, a total return strategy </a> <a title="Bermuda page 119" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=119"> RE/INSURANCE generally utilise one of two rou</a> <a title="Bermuda page 120" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=120"> RE/INSURANCE INSURANCE EDUCATION IN BERMUDA Elsp</a> <a title="Bermuda page 121" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=121"> RE/INSURANCE and the Institute called upon volunt</a> <a title="Bermuda page 122" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=122"> </a> <a title="Bermuda page 123" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=123"> BERMUDA STORIES: ROBIN SPENCER-ARSCOTT The dapp</a> <a title="Bermuda page 124" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=124"> FINANCIAL SERVICES </a> <a title="Bermuda page 125" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=125"> FINANCIAL SERVICES </a> <a title="Bermuda page 126" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=126"> </a> <a title="Bermuda page 127" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=127"> FINANCIAL SERVICES THE EVOLUTION OF THE BERMUDA S</a> <a title="Bermuda page 128" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=128"> FINANCIAL SERVICES customised trading system, Ber</a> <a title="Bermuda page 129" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=129"> BERMUDA – IN BUSINESS FOR 500 YEARS 123</a> <a title="Bermuda page 130" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=130"> U n i q u e l y Established in 1971 the Bermuda </a> <a title="Bermuda page 131" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=131"> FINANCIAL SERVICES FOUR HORSEMEN AND THE AIRBO</a> <a title="Bermuda page 132" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=132"> FINANCIAL SERVICES Image provided by the Bermuda</a> <a title="Bermuda page 133" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=133"> FINANCIAL SERVICES Then there was anothe</a> <a title="Bermuda page 134" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=134"> FINANCIAL SERVICES A TRUSTED PLACE TO DO BUS</a> <a title="Bermuda page 135" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=135"> FINANCIAL SERVICES the time of the trust's creati</a> <a title="Bermuda page 136" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=136"> FINANCIAL SERVICES NEW LAW TO REGULA</a> <a title="Bermuda page 137" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=137"> FINANCIAL SERVICES Images provided by </a> <a title="Bermuda page 138" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=138"> FINANCIAL SERVICES oversight) needed for a sch</a> <a title="Bermuda page 139" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=139"> FINANCIAL SERVICES with statutor y obligations</a> <a title="Bermuda page 140" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=140"> On the planet to perform Jupiter Asset Managemen</a> <a title="Bermuda page 141" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=141"> FINANCIAL SERVICES THE EVER CHANGING HEDGE</a> <a title="Bermuda page 142" href="https://secure.viewer.zmags.com/publication/5f48c22c?page=142"> FINANCIAL 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