France, Germany, Spain and Benelux each place between 18–25% of their total premiums with Bermuda companies. It is therefore encouraging to see that in spite of difficult operating conditions last year the Bermuda Insurance market is continuing to play an important role internationally and that the Bermuda Monetary Authority is continuing to make good progress in its drive to enhance its regulatory regime.
What I propose to do today is to start with a brief update on Solvency II implementation. Secondly, I want to choose 3 particular aspects of Solvency II to consider in a bit of detail. And, finally, I would like to take an opportunity to say a word about the equivalence process and what it means for Bermuda.