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News: Top Stories

Juggernaut calls for ban on brokers

Gollum Re's chief executive Burl Juggernaut III has hit out at accusations that he had called for all brokers to be prevented from entering the reinsurance market. "I did not say all brokers, I specifically said foreign brokers, or those working for foreign firms. Or those placing business for foreign clients. Or business in which any foreign insurer has a line. Or foreign shareholders. Or staff. Or staff that eat foreign food. Apart from that, fine."

Gollum Re's chief executive Burl Juggernaut III

He went on: "Let's face it. Most of these foreign brokers are dodgy. Come on, have you forgotten the whole contingent commission scandal? Some of these guys are up to their elbows in financial reinsurance, finite risk, sidecars, special purpose vehicles, you name it, they love it. I mean, these guys appear to be more concerned about their clients' interests than in those of traditional reinsurance companies. What's that all about?"

The controversial CEO has previously called for all Bermudian companies to be banned from the market and wants a massive wall to be built between the US and Bermuda - that the Bermudians should pay for. "Hell, we need to protect our interests from those ‘offshore' guys who are taking our business, our clients and most importantly, our lunches. It's got to stop. Dammit, they even wear funny clothes."

He added that he saw ILS as a threat to the market's security: "ILS has declared a war on the market's freedom and traditional values so we need to arm our reinsurance underwriters. It's the only way to make this extremist group see sense."

Mocha Re's chief executive and chairman, Sir Norbert "Nobby" Johnson, waded into the controversy with his own calls for a wall. "I think the wall idea is a splendid idea. There should be a great big wall built around the London Market to keep out all those foreign brokers that come over with their slips and binders, bringing loads of lucrative business to the market, er…"

Evangelista Bordereaux of Supa Broka, said any ban on brokers would be impossible to police. "How are you going to identify a foreign broker in the first place," she said. "OK, brown brogues with a dark suit is a giveaway, as is a tailored, fashionable continental European suit, or indeed, a London pin-stripe monstrosity, but that's not the point. This will severely damage the market, not to mention expenses claims. Restaurants and bars will suffer. Waistbands will decline, livers will regrow. Is this the kind of reinsurance market we want?"

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