Hundreds of American insurance executives heard of the long-time relationship between Bermuda and the US, during a Bermuda sponsored luncheon at the Orlando annual meeting of the Property Casualty Insurers Association of America (PCIAA) on Monday.

And they were given some startling statistics about the role of Bermuda companies in American insurance.

About 90 Bermuda market executives each year join the top executives of American insurers at the high-level retreat. The Bermuda Insurance Development Council (IDC) sends a representative to distribute literature regarding the Bermuda insurance and reinsurance markets through its Insurance Information Office and sponsors a luncheon for the executives.

During the luncheon, insurers were introduced to the 400-year-old US-Bermuda partnership by Axis Re US CEO and president Michael Morrill, as he introduced a leading economist's presentation on the state of the market.

Mr. Morrill advised America's insurance bosses that: "Bermudians brought food and people to the Jamestown Colony in the early days of settlement when the colonists in the 'New World' were starving to death.

"Bermuda brought gunpowder to save George Washington's army - the first known case of Bermuda providing additional capacity to US markets.

"Bermuda was also instrumental in providing assistance to the states during the civil war. And Bermuda aided in the code-breaking efforts during World War Two and contributed to the capture of a Nazi U-boat, which is now on display in Chicago at the Museum of Science and Industry."

Mr. Morrill said that Bermuda continues its support of the United States through the efforts of the international business community in general and the Island's insurance industry, in particular. At the end of 2008, he added, the Bermuda Market included 24 Class 4 companies, which had some $61 billion in gross written premiums and $65 billion in property and surplus.

"Bermuda companies employ 1,800 people in Bermuda and 16,000 in the US, and 31,000 worldwide," Mr. Morrill said.

"Bermuda Class 4 companies supply 40 percent of the US and European Union property catastrophe reinsurance market, 25 percent of the US medical malpractice market, wrote 30 percent of Lloyd's 2008 premium, 25 percent of the US reinsurance market and 27 percent of the European Union's broker reinsurance market. The Bermuda reinsurance market is well-rated, distinctly regulated, highly capitalised and integrated into every insurance and reinsurance market in the world.

"Speaking from personal experience, Bermuda also boasts some of the nicest beaches, challenging golf courses and friendliest people."

Mr. Morrill introduced Dr. Laurence Meyer, a former member of the board of governors of the Federal Reserve System, and currently vice-chairman of Macroeconomic Advisors, and, a distinguished scholar at the Center for Strategic and International Studies in Washington, DC.

Dr. Meyer addressed the PCIAA gathering on US Monetary policy and the outlook for markets and the economy in 2010.