Just over half of respondents in a poll of readers of the industry magazine Reactions believe that Bermuda is still the place for new insurers to go with start-up capital.

While the Island has attracted the vast majority of start-ups and their capital over the past decade, the fact that only 56 percent of Reactions readers said it was still the place to go is indicative of the growing competition Bermuda is now facing from the likes of Dublin, Zurich and Dubai.

Respondents overwhelmingly indicated that they feel the biggest challenges facing the Bermuda market this year are a potential change in the tax environment and regulatory developments.

The survey also included votes for the best performers in a range of categories, in which the biggest winners were RenaissanceRe, Arch Capital, Ace and Aon Benfield.

RenRe edged out Arch to win the best reinsurance underwriting category and also topped the US property reinsurance category, as well as earning top spot in the brand reputation and knowledge of the field section.

Ace, which is headquartered in Switzerland but maintains its executive offices in Bermuda, won in four sections — general liability reinsurance, professional liability reinsurance, claims ability and for its working relationship with clients.

The Reactions poll named Arch as the best insurance underwriter and Arch also won the willingness to pay claims category.

XL Capital had a rough year in 2008, having lost $2.5 billion, but it also won two categories — specialty lines and best value for money.

Among the brokers, Aon Benfield proved the most popular, coming top in five of the seven categories for which it was eligible, including best large reinsurance broker overall.

Appleby was voted the best law firm, while Towers Perrin was named best consultant. The title of best captive manager went to Marsh.

Using data provided by reinsurance broker Guy Carpenter, Reactions found that Platinum Underwriters was the best-performing company in the tough market conditions of 2008, in terms of return on equity, as it achieved 11.9 percent.

Axis Capital ((8.1 percent), Allied World (7.9 percent), Lancashire Holdings (7.8 percent) and Arch (7.8 percent) were the other outstanding performers.