In addition to the tax opportunities lost on a corporate basis, I find it interesting that there was no mention of the jobs lost in the domestic insurance industry. When I started out in this industry 25 years ago, you could walk 5 feet in any direction in downtown Manhattan and be standing in front of an Insurance Company, Reinsurance Company, Insurance Broker, or Reinsurance Intermediary. I know mergers and consolidations have eliminated alot of the positions, but look at the new companies that took their place… The numerous companies that have sprouted up in Bermuda after every catastrophe (Andrew, 9/11, 2004 and 2005 Hurricanes) etc, …every time when capacity tightened. How many more American jobs would have been created if these companies were formed in the US? I’m sure the tax receipts generated would have been substantial, not to mention the ancillary benefits to the US economy as the salaries flow into the system.
In addition to the tax opportunities lost on a corporate basis, I find it interesting that there was no mention of the jobs lost in the domestic insurance industry. When I started out in this industry 25 years ago, you could walk 5 feet in any direction in downtown Manhattan and be standing in front of an Insurance Company, Reinsurance Company, Insurance Broker, or Reinsurance Intermediary. I know mergers and consolidations have eliminated alot of the positions, but look at the new companies that took their place… The numerous companies that have sprouted up in Bermuda after every catastrophe (Andrew, 9/11, 2004 and 2005 Hurricanes) etc, …every time when capacity tightened. How many more American jobs would have been created if these companies were formed in the US? I’m sure the tax receipts generated would have been substantial, not to mention the ancillary benefits to the US economy as the salaries flow into the system.