Reinsurance leaders to present capital insights at risk summit

Range of panels will discuss global regulation and more

Reinsurance leaders to present capital insights at risk summit


By Kenneth Araullo

A panel of Bermuda reinsurance CEOs will delve into strategies for capital optimization, risk management, and the evolving landscape of the industry in an upcoming conference.

At the 2024 Bermuda Risk Summit, leaders such as Peter Bell, of Everest Reinsurance Bermuda, Mark Cloutier, of Aspen, Kathleen Reardon, of Hiscox Re + ILS, and Paul Simons, of Convex Re, will provide insightful discussions on the role Bermuda plays in the global risk and reinsurance market.

Organized by the Bermuda Business Development Agency (BDA) in collaboration with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, the conference is scheduled to take place at the Hamilton Princess & Beach Club from March 13 to March 15.

It will feature a range of panels including discussions on global regulation, the relationship between Lloyd’s and Bermuda, evolving legacy markets, and cyber risk strategy developments.

John Huff, CEO of ABIR, highlighted Bermuda’s continued significance as a global hub for the property and casualty markets.

“It also speaks to Bermuda’s significance that we continue to attract such regulatory heavy hitters, including the President of the National Association of Insurance Commissioners (NAIC), four NAIC commissioners, as well as Steven Seitz, director of the Federal Insurance Office (FIO), all travelling to participate in the summit,” Huff said.

Cloutier also reflected on the timing of the summit, noting the Bermudian reinsurance sector’s strong performance and the opportunity it presents to evaluate industry successes and areas for improvement.

“One of the most unique aspects of Bermuda’s risk market is how you can gather the most influential players, from government, to the regulator and the private sector all in the same room to collectively think about where the risk and insurance industry needs to go next,” Cloutier said.

The 2023 Bermuda Risk Summit reportedly generated an estimated economic impact of $1.8 million and supported 266 jobs, underscoring the event’s significance in promoting local and international business retention and attracting business and investment to Bermuda, in line with the island’s Economic Development Strategy.

Elsewhere, reinsurance leaders in the island nation, alongside the wider business sector, have also collectively endorsed the newly announced government budget.

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