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Bermuda Reinsurance Leaders 2016

ability to foster innovation; its well-established regulator that understands the importance of balancing the protection of policyholders with creating an environment that is attractive to capital; its geographic location between the US and UK; its well-established legal and business infrastructure and the fact that it is a well-established market that develops and attracts talent. It’s natural that business flows to where the capital and expertise are. How do you anticipate Bermuda will continue to adapt and evolve? Bermuda continues to lead the innovation that happens in the ILS world. That will continue because of the underwriting talent here and the ability to innovate and provide rapid solutions to problems as they evolve. Bermuda has a reputation of being a thoughtful risk-taker. Now that Bermuda has Solvency II equivalence, the reputation of Bermuda in the insurance world has been further strengthened. There’s a lot of goodwill that goes along with that reputation. What will be the main areas of growth for the Island’s risk transfer market? Bermuda has historically been the domicile of choice for solutions to low frequency, high severity events. Unfortunately, the majority of the economic cost of these remote events remains uninsured. Our ability to help develop solutions to bridge this insurance gap would be an area of growth. Bermuda’s ability to provide solutions to emerging risks such as cyber will also provide growth opportunities. What are the main challenges you see ahead? Bermuda is still a small place in terms of infrastructure, roads, people, etc. Other regional hubs such as Singapore and Miami have developed into wholesale hubs that provide capacity for Asian and Latin American markets. For the Bermuda re/ insurance industry this underlies the need for finding ways to fill the insurance gaps and seize new opportunities. Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? I admire Brian Duperreault and Brian O’Hara because they were pioneers who built ACE and XL, respectively, from small casualty companies into global insurers. Their commitment proved that Bermuda was a legitimate jurisdiction and paved the way for the huge amount of growth to follow. BERMUDA’S REINSURANCE LEADERS Charles Cooper is CEO of XL Catlin’s reinsurance operations in Bermuda. He is a managing director of XL Catlin’s leadership council and a member of the reinsurance leadership team. Prior to May 2015, he was president and chief underwriting officer of XL Re and was subsequently elected to XL Group’s managing director leadership council. Previously, Cooper was executive vice president and head of North American property catastrophe reinsurance underwriting at Validus Re. Cooper has more than 20 years of experience in the industry. He began his career with AIG and Zurich North America in New York, writing international primary casualty business. He transitioned to reinsurance when he joined XL Reinsurance America in Stamford, Connecticut, in 2000 as an assistant vice president and corporate planning analyst. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? Yes, without a doubt given Bermuda’s history of innovation. This includes the establishment of ACE and XL in the mid-1980s to deal with the severe capacity shortage that threatened to wipe out excess liability coverage for Fortune 500 companies. There are a number of factors that have made and continue to make Bermuda successful in this sphere, including its “Bermuda’s ability to provide solutions to emerging risks such as cyber will also provide growth opportunities.” Charles Cooper Job title: Chief executive officer, reinsurance Company: XL Bermuda Timeline: 2015: Chief executive officer, XL Catlin’s reinsurance operations in Bermuda 2010: President and chief underwriting officer, XL Re 2005: Senior vice president & underwriter, XL Re Bermuda 13 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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