Bermuda’s life reinsurance industry is playing an increasingly central role in shaping the island’s workforce and contributing to broader economic activity, as growth in the sector fuels demand for professionals across multiple disciplines, according to several industry leaders.
Speaking at the Athene Life Career Expo, Alana Rathbun, chief governance, risk and compliance officer at Martello Re, said the pace of expansion began accelerating several years ago.
“The industry has created increased demand for professionals, whether it’s finance people, lawyers, compliance, actuaries, etc,” she said.
Rathbun joined Martello Re when the company had just five employees. As its first Bermudian hire, she was responsible for establishing its physical presence locally.
“That meant I went out and I had to find real estate for an office, I had to be the facilities manager, I had to order office supplies, you name it,” she said in a report from the Royal Gazette.
Martello Re, one of the newer entrants in the space, has been active in capital-raising efforts. The company closed an initial $1.65 billion equity round in 2022, later increasing total committed capital to roughly $2 billion. It has also been reported to be seeking an additional $800 million.
Meanwhile, Christian Endter, chief executive of Catalina Life Re, described a varied career path that included work in consulting and time spent in a coalmine.
“In a fit of youthful enthusiasm, perhaps slight arrogance, I decided that I can do all of that myself better,” Endter said.
His career eventually brought him to the life reinsurance sector, including involvement in the restructuring of Old Mutual in South Africa.
Mellisa Burgess, deputy director of insurance supervision at the Bermuda Monetary Authority (BMA), shared how her involvement in the sector contributed to personal development.
“I would sweat profusely if I had to be in the center of the room speaking. It would be an out-of-body experience,” she said.
The life reinsurance sector, according to those speaking at the event, continues to attract professionals from nontraditional backgrounds. Endter encouraged newcomers to explore widely within the industry and to engage with individuals across different roles, emphasizing the value of identifying a career path aligned with personal interests.
Bermuda’s role in global reinsurance has grown substantially, with the island now estimated to hold approximately one-third of global reinsurance capital. While property-catastrophe reinsurance has long been a mainstay, the shift toward life and annuity risk has broadened the jurisdiction’s influence.
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