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Bermuda:Re+ILS Spring 2016

13 Spring 2016 Bermuda:Re/insurance+ILS Philip Ouma, senior manager of the insurance group at accounting and business advisory firm Moore Stephens, explains that the decision will ensure Bermuda remains on an even playing field with insurers and reinsurers in Europe. “Those operating in Bermuda will be able to conduct business freely within the EU,” he says. He adds that it also confers a competitive edge against jurisdictions without this status. “Gaining full equivalence enhances Bermuda’s reputation as a recognised insurance jurisdiction,” says Ouma. Francois Morin, senior vice president, chief risk officer and chief actuary at Bermuda-based Arch Capital, says that equivalence also helps eradicate uncertainties in the market. “Bermuda as a market has always been solid, well-capitalised, with good companies, and good management/teams. There was just that uncertainty around Solvency II—that if Bermuda didn’t get it there would be the additional hurdles to get over to justify Bermuda’s standing,” he says. “But with equivalence being achieved, I think that’s no longer an issue. It’s business as usual for Bermuda going forward.” An easier life It also makes life much easier for companies with operations in the EU and Bermuda. Alex Hindson, chief risk officer at Argo Group, says that it will potentially save companies money as well as the time and effort of potentially having


Bermuda:Re+ILS Spring 2016
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