Bermuda is the best place in the world to practise insurance, according to Axis Capital boss John Charman, and he has no ambitions to return to Lloyd's where he built his reputation.

Speaking with Insurance Day, Mr. Charman described the recent succession of Bermuda companies buying their way into the London market as what "appears to be the latest fad".

Mr. Charman was known as the "King of Lloyd's" when he was writing war risk business in London during the 1991 Gulf War.

He has found more success since founding Axis Capital in Bermuda, which last year, in just its sixth year of operation, made more than $1 billion in net income.

"I am not tempted to go back into the market because I'm very happy with the structure we have in Axis," Mr. Charman said. "We have proven we have a quality business that can maximise its earnings with its current structure.

"Axis was diversified from day one by product line and by its geographic location because both the chairman Michael Butt and I have had international backgrounds throughout our careers."

He added that he doubted that the old Lloyd's collegiate atmosphere probably did not exist any more since the London market wrote most of its business internationally.

"For anybody who has the right qualifications and determination, ambition and standards, Bermuda is without doubt the best place in the world to practise insurance and reinsurance business," Mr. Charman said.

"Bermuda tends to have a much more modern approach to the industry, we are much more technically minded and represent the future for the industry and not necessarily the bad old past." Mr. Charman left Lloyd's because he became disillusioned with the market's resistance to modernisation. But he gave credit to current chairman Lord Levene and chief executive Richard Ward for the progress they had made in updating Lloyd's' practices.

Insurance Day also quoted another Bermuda CEO, Aspen Insurance Holdings' Chris O'Kane on the merits of Lloyd's.

Aspen has a new Lloyd's-based operation at syndicate 4711. It will initially write $100 million of existing premium. Mr. O'Kane believes that number "will grow very, very quickly when the market turns".

"The recognition of the Lloyd's brand is greater than that of any company in Bermuda — that's the core reason anyone would want to be in Lloyd's. The it's about the licensing around the world."

Lloyd's had bounced back after doubts that surfaced after the creation of Equitas, the company created to save the market from meltdown, and claims arising from the September 11, 2001 terrorist attacks, Mr. O'Kane added.

"That was pushing business that would naturally have come to Lloyd's away," he added. "Now the market has been transformed and because of that, brokers are going to want to carry on supporting Lloyd's.

"What being in Lloyd's will do is that when the business is growing rapidly, we will be in the US, Zurich, Bermuda and Lloyd's. So when the time for growth is right, we will have more avenues."