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.
By this time almost everyone in the Insurance Industry from chairmen to secretaries, underwriters to loss adjusters and indeed not just in Europe but in Bermuda, the US and elsewhere, will have heard about Solvency II. It is the new regulatory framework for setting risk based solvency requirements for insurance and reinsurance companies operating within the European Union.