businesses, and particularly targeting insurers with its Irish charm.

As an English-speaking European Union member with favourable tax treaties, Ireland has snagged some big names in recent months and commentators have begun to notice the current seemingly flowing from Bermuda to Dublin.

And it seems the biggest admirers are Bermuda's own favourites.

Just over ten years ago the International Financial Services Centre in Dublin's inner city was a run-down site with a hopeless future.

But it is praised in the August edition of insurance trade magazine, The Review, as a star jurisdiction which is "now roaring ahead''.

"The obvious attraction of Dublin has been demonstrated by the Bermudians,'' it says.

"XL Europe set up its Dublin operation in 1990, last year ACE decided to open offices in the IFSC and more recently Starr Excess and IPC Re followed suit.'' Another win for Dublin is German reinsurer Allianz's announcement two months ago that it would set up two companies to operate there with director Detlev Bremkamp espousing the virtues and "importance'' of the centre.

And the article insists there is a "great difference'' between Bermuda and Dublin.

"Bermuda is a major reinsurance market, while Ireland is ideal to operate from. Logistically and location-wise Bermudian reinsurers see Dublin as its right-arm,'' it says.

Dublin Insurance Managers Association chairman, and general manager of Zurich international Services, Larry Sherin, explained: "Many Bermudian and US reinsurers are using the IFSC for their EU strategic headquarters which is why reinsurance is developing strongly in Ireland.

"To the reinsurance industry, the IFSC is seen as the Bermuda of Europe.

"Dublin is the best location available in the EU. Also, Bermuda's reinsurers' subsidiaries in Europe have more critical mass here.'' Among the advantages Dublin has, the article lists its "young qualified labour pool, high-quality offices with high-tech specifications and a double-tax-treaty network''.

It goes on to describe the "acceptable regulatory framework, an attractive tax regime-sponsored by the EU, and Euro membership in an English-speaking country''.