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Bermuda:Re+ILS Spring 2016

3 Spring 2016 Bermuda:Re/insurance+ILS Editor’s note Praise where praise is due As a place to do business—especially the risk transfer business—two things make Bermuda truly special: the regulatory regime and the people. This issue showcases both of these things in different ways. It represents a timely reminder of why Bermuda is such a special place. First, the Bermuda regulator deserves a huge amount of praise for securing Solvency II equivalence. The regulatory regime has been so long coming that it was something of an anti-climax when it finally came into force. But it will change the market. Maybe subtly at first, but buyers will gradually understand its nuances and adjust accordingly. The fact that Bermuda has achieved equivalence will make a positive difference to the domicile. It is not just about the tangible fact that buyers will be faced with an even versus an uneven playing field when pondering capital charges against reinsurance recoverables going forward. There is also a bigger message: it gives Bermuda more legitimacy in the eyes of the world. Against a backdrop of some of the political rhetoric that comes from the US and the IRS investigation into the activities of hedge funds on the Island, this will certainly do no harm. While it is impossible to suggest there is a direct link, this would certainly not have done any harm when XL Group’s board recently met and ultimately decided to re-domicile their operations back to Bermuda. Equally, Qatar Re chose Bermuda last year as its corporate home. The tide seems to have turned in favour of the Island. Then there are the people—the talent that resides on Bermuda. Created through many decades of change, evolution and hard work, there is now a very deep pool of talent on the Island that has proved itself to be adaptable and innovative as needed while getting the job done. In our guide to underwriting and broking teams on Bermuda, it is our aim to showcase this talent. Eventually, in future years and online in the meantime, we hope to make this guide more comprehensive and detailed with even more information about the strengths and specialities of the teams involved. We hope you find the information here useful and informative. It certainly proves that the people make Bermuda a truly special place to work, innovate and transfer risk. Wyn Jenkins, managing editor Bermuda:Re+ILS is published by Newton Media Limited. Kingfisher House 21-23 Elmfield Road BR1 1LT United Kingdom Email: info@newtonmedia.co.uk Director: Nicholas Lipinski Publisher: Martin Sellar Telephone: +44 203 301 8207 Email: msellar@newtonmedia.co.uk Managing editor: Wyn Jenkins Telephone: +44 203 301 8214 Email: wjenkins@newtonmedia.co.uk Contributors: Marc Jones, Samantha Bartlett, Naomi Majid Sub-editor: Ros Bromwich Advertising enquiries: +44 203 301 8207 Editorial enquiries: +44 203 301 8214 Production and design: Fisherman Creative ©Newton Media Limited 2016. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electrical, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. The views expressed in Bermuda:Re/insurance+ILS are not necessarily those shared by the publisher, Newton Media Limited. Wishing to reflect the true nature of the industry, the editor has included articles from a number of sources, and the views expressed are those of the individual contributors. No responsibility or liability is accepted by Newton Media Limited for any loss to any person, legal or physical, as a result of any statement, fact or figure contained in Bermuda:Re/insurance+ILS. This publication is not a substitute for advice on a specific transaction. The publication of advertisements does not represent endorsement by the publisher. Bermuda:Re/insurance+ILS—ISSN 2056-4627 Cover photography courtesy of Tokio Solution


Bermuda:Re+ILS Spring 2016
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