Business will go where the environment is predictable and friendly, according toAce Ltd boss Evan Greenberg.

In a rare interview, the chairman and chief executive officer of the global insurance giant told The Royal Gazette that the high cost of doing business in Bermuda was material, even to a company of Ace’s size.

To remain attractive to business, Bermuda needed a competitive business environment. And it needed to be “clear in the way it’s organised that it wants to attract and retain business, that business is not a source of evil”.

Ace moved its place of incorporation to Switzerland from the Cayman Islands in 2008, and employs more than 200 staff in Bermuda, where it first began operating in the mid-1980s.

The CEO said he “would not be surprised” to see more companies in the Bermuda market relocate their holding companies to Europe.

Mr Greenberg, who has led Ace for six-and-a-half years, gave the interview as Ace celebrated its 25th anniversary and he spoke about how he regarded his job as a privilege and not a burden.

He also commented on the approach to business which has enabled the company to expand into a firm with operations in 53 countries.

Story in Business, Page 24