He's created five insurance start-ups so no one can deny Don Kramer loves a challenge.

Now the 71-year-old is charged with finding a way for Bermuda to beat the worldwide financial crisis.

Not surprisingly, he is worried about not fulfilling raised expectations. "So we are pressing real hard to come up with some insightful measures. We are not going to solve every issue."

Fortunately Mr. Kramer knows the scene, having been in Bermuda for 16 years. He came in 1993 to form Tempest Re which later merged with ACE.

He retired as vice chairman of ACE four years ago, and at an age when most people settle into retirement, he set up Ariel Re which has been another success.

But it is other financial sectors he voices most concern about. He said retail sales were down while construction would cool off once the major projects in Hamilton were done.

"Bermuda needs to find its tourist identity right now. It is a beautiful Island, it doesn't have the world's greatest weather, doesn't have the world's greatest nightlife."

But he said with the opening of Tucker's Point, Bermuda had its first new top-notch hotel for years with other developments also promised.

"Bermuda has proximity to the US and low airfares right now. If you can capitalise on that the question becomes what is the tourist mix?"

Conventions could be the way forward, said Mr. Kramer.

"There are not these indulgent distractions."

At the launch of Bermuda First, which has 80 members including the 17-strong steering committee, Premier Ewart Brown indicated everything was up for discussion.

However cynics will fear that politicians might be tempted to ignore political unpalatable suggestions.

But Mr. Kramer said the idea was to get the facts rather than work off perceptions as his 17-strong steering committee weighs up what's best to help Bermuda weather the financial storm.

"It's more difficult to argue against fact-based situation than opinion. It is up for us and McKinsey [& Company, the firm conducting a risk and opportunity study] to come up with recommendations.

"If out of this we get maybe ten good recommendations that will make the study worth everything.

"The reason I accepted the position is I really believe we are trying to work across the entire community both sides of the political aisle and contributions from the entire spectrum of Bermuda."

Already consultants McKinsey have produced hard data.

"Now it's getting down to the nitty-gritty. Now we have the hard data what do we do?"

He said a lot had been done already in other realms. "I must say the Ministry of Finance is working really hard to get Bermuda on the 'white list'.

"A lot of work has gone on in that area."

Critics have complained that signing tax information exchange agreements (TIEAs) with Nordic countries is meaningless.

They say that while it might help Bermuda get off the OECD's 'grey list' of countries under suspicion for tax evasion, it is not likely to really help those hunting tax cheats because there was no meaningful financial or trade movement with jurisdictions such as Greenland and the Faroe Islands.

But Mr. Kramer said: "I think Paula Cox is doing everything she is supposed to be doing. It's not easy, it's burdensome.

"She doesn't have as much staff as she possibly needs, she is working really hard.

"Everything she is doing is intelligent and responsible. You have got to give her credit."

But he has grave concerns about Bermuda's education system.

"We need to turn out people with the requisite skills and the public schools have not gotten great marks."

He is pleased to see Flagstone Re head Mark Byrne become head of the Education Board.

"Here you have a really intelligent guy who wants to do something for the Island. He's a guest here like I am and, like me, wants to do something for the Island."

The object is to raise the public schools to the standards of the private schools said Mr. Kramer.

"I think it is critical to review and upgrade the curriculum.

"That's where we have to start or we are going to lose a generation of kids.

"Looked what happened the other day at CedarBridge," he said referring to an incident where the senior school was placed on lockdown after two fights erupted on the premises.

He said public education need not be a second choice in Greece the public schools are the standard, people only go private because they can't get in the public schools.

"I grew up in New York and went through public education, right through to university.

"It wasn't until I took my graduate (Masters) degree that I went to a private college. I had a great education."

It's not clear whether Bermuda First will look at Bermuda's regressive tax system which some believe hurts the underclass.

"My sense is nobody wants it but it is probably something that should be looked at."