BERMUDA IN A GLOBAL WORLD
Bermuda has always been able to not only adapt and change with the market, but also to innovate.
Reinsurance Magazine has launched its first Bermuda Reinsurance Club event. The morning session will be made up of a lively and interactive series of panel discussions which are aimed at improving understanding of Bermuda’s reinsurance market globally.
In March we will look at
- The New York Insurance Exchange – what it will mean for Bermuda and London
- The Class of 2005 five years on
- Bermuda vs London – is the old rivalry still there or are the two markets more complimentary than
adversarial today
Meet our executive panels, ask them questions, and take part in the debate.
What sets this apart? It is a packed morning with executives from London, Bermuda and New York – get the three biggest markets in one room, on March 17, 2010.
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8.30-9 Coffee, networking and registration
9-9.15 Paula Cox, Deputy Premier and Finance Minister.
An update on the state of the Bermuda (re)insurance market, Bermuda regulatory conditions and plans for 2010
9.15-10.30 NYIE v Bermuda and London Market
New York is looking at reviving the exchange and wants to set up an insurance exchange based on the model at Lloyd’s of London. Industry executives in the US are working in groups to get the plan going and by September this year a plan could be in place, with an exchange set up in 2011. It aims to be an advanced technology platform, which has standardised forms, contract certainty and expeditious claims handling. The London market has been slow to make changes to improve these processes, and there is a fear that a NYIE could take business from both London and Bermuda. Reviving the exchange was one of the previous New York Superintendent of Insurance’s (Dinallo) pet projects and he said he believed it would impact the Bermuda market.
What will it mean for Bermuda and London – would it be a threat? If it goes ahead, what does Bermuda and London need to do to combat this?
10.30 to 11am Coffee
11 – 12 The Class of 2005
Executives from the Class of 2005 tell us how their companies have faired five years after Hurricanes Katrina, Rita and Wilma reduced capacity so much it allowed half a dozen companies to set up in Bermuda. Survivors are: Harbor Point, created out of Chubb Re, Lancashire Holdings, set up with money from Capital Z Financial Services, Ariel Re, established with private equity funds, Validus Reinsurance which had Jeff Greenberg’s Aquiline Capital behind it and Venturion Capital, and Flagstone Re, backed by Bermuda hedge fund West End Capital.
We go back to see how they raised their money and how their companies grown and developed over the years.
12-1pm Bermuda v. London… or is it Bermuda AND London
Which is the better jurisdiction to do business? Is the old rivalry still there? What are the benefits – and downsides – of doing business in these jurisdictions? After hearing about the Class of 2005, if there was another event, where would start ups go? Would it be Bermuda or is it easier to start up a sidecar or a Lloyd’s syndicate? Is the Bermudian market in a state of expansion or decline (in response to the announcement by certain players that they are moving away from the island)? Also, can Bermuda reach Solvency II equivalence in time for the inception of the EU protocol in 2012, and what steps is the island taking to reach equivalence?
Sharon Angelino, Partner and insurance expert at US law firm Goldberg Segalla
Mark Byrne, Chairman of Flagstone Holdings
Charles Dupplin, Chief Executive Officer of Hiscox Bermuda
Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR)
Neil McConachie President, and Chief Financial Officer of Lancashire Holdings Ltd.
Barbara Merry, chief executive of Hardy Underwriting
Matt Mosher, AM Best’s Senior Vice President of ratings
Paul Markey Chairman of Aon Benfield Bermuda
For more information or to book your place please complete your details below.
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