This article explores the origins of an identified cognitive disconnect between Bermudians and the International (Re)Insurance Centre after the latter's establishment in 1993. Quantitative analysis is used to map the relationship between employment and capital growth. It shows that capital growth is not a sufficient cause of employment growth. The way in which capital is deployed seems to determine the relationship. This article follows the sudden and unexpected change in capital deployment beginning in 1993. This change saw rapid capital growth in Bermuda, paired with employment growth. This period closed in 2009, and now appears exceptional. This paper suggests that considering the employment-capital relationship over time allows for an understanding of the cognitive disconnect as an unfortunate but unintended consequence.