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“PPI? Is that Patently Pointless Insurance?” |
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Lloyd's insurance boss Ian Geezer has told analysts that his company will relocate to Bermuda from London, "over his dead body". Geezer, who is chief executive of Oblivion Underwriting, is coming under increasing pressure from shareholders to relocate to Bermuda to take advantage of the domicile's zero tax rate, its proximity to the US market, its relaxed attitude to shorts, and its excellent golf courses.
A number of other leading Lloyd's insurers have already made the move, and have reported to shareholders that the beaches are excellent more...
Bermuda is to tackle the issue of lack of space on the island through an audacious plan to annex the US. "We need space fast," said Bernie Inn, head of the Bermudian Underwriting & Monetary Managers Association. "If we don't do something soon, we're gonna have to build on the golf courses, and then no-one will want to come here."
He said that there had been a plan to extend the island by building out into the sea, but this was rejected on several grounds, according to Inn. "There was a lack of cement, but more importantly, a lack of construction workers," he said. "There's simply no room for them - we're overrun by catastrophe reinsurers. And then we realised that we'd lose our beaches if we built out to sea, and without beaches, no-one would want to relocate here."
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