The trickle of Lloyd's insurers flowing out of the market at present may turn into a veritable wave, according to market observers.
The lure of cost savings tempting managing agents across to the Bermudan shores has already captured Catlin, Hiscox and Omega.
The question now is not who, but how many more will follow?
Already, Wellington has been tipped as the next insurer to re-domicile and whispers around the market suggest it is a subject firmly on the table of one or two others.
For well-established businesses at Lloyd's, it seems moving their holding company to Bermuda is the most obvious way of challenging their business further.
"Lloyd's operations that are not looking to shrink are looking to grow on other platforms because there is limited potential at Lloyd's," insists insurance analyst, Richard Gadidge. "Typically, you will find that in the US or Bermuda, which will give companies the opportunity to grow their business within existing lines of expertise."
Aspiring to achieve that growth is seen by some as an axe hanging over the head of Lloyd's.
"It doesn't matter how you dress it up," says one senior industry source. "Hiscox, Omega, and potentially Wellington leaving for Bermuda is not good news for Lloyd's."
Add to the mix the growing attraction of Dubai, Dublin and Gibraltar, and it's clear competition is coming from every direction.
Douglas Young, director of consultancy JCL Hansen Young, predicts it won't just be insurers who take advantage of offshore opportunities and that a growing number of brokers will leave as their role evolves into a more multi-service provider.
Although Hiscox and Omega have been at pains to point out that their move will not spell the end of their involvement at Lloyd's, the temptation of Bermuda's zero corporation tax is too strong. However, some tax commentators are far from convinced about the actual benefits.
"Hiscox and Omega are still going to want to operate in London," says Andrew Green, tax partner at financial advisors Mazars. "The point about corporation tax is that it is only one of a number of taxes that UK businesses have to pay and if they are still going to work in London and have Lloyd's operations then they cannot get completely out of paying UK tax."
The Treasury is in defiant mood, insisting the level of corporation tax is at its lowest ever and some suggest its stance is linked to the fact that it is not "awash" with cash.
Whatever the government's motivation, it appears the growing argument in favour of a reduced tax package may be solved offshore rather than in the UK.
Exactly how many marketers will go in search of that answer - only time will tell.
