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Bermuda Reinsurance Leaders 2016

What will be the main areas of growth for the Island’s risk transfer market? The life sector and ILS players continue to look to Bermuda as a natural home for both ILS fund management and fund administration. Bermuda has led the innovation front on cat bond issuance and cat bond ‘lite’ platforms, expanding the use of securitisation as a further option to transfer risk to capital markets. As at June 2016 the Bermuda Stock Exchange represents 72 percent of the global market capitalisation for cat bonds. What are the main challenges you see ahead? The industry is without a doubt going to transform. Bermuda needs to stay close to what is driving change in the industry and adapt its regulatory framework at the speed this change is coming. We in the Bermuda market need to look closely at how we transact business and be open to dramatic change, in order to continue to deliver what is an important service to the communities and individuals who count on the protection we provide, in a more cost-effective and efficient way. Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? A host of admirable leaders have built global organisations from Bermuda and without them we would not be a world-class domicile. Personally I admire Brian Duperreault for his long-term commitment to Bermuda. He continues to bring jobs and business to Bermuda while also contributing to the community. BERMUDA’S REINSURANCE LEADERS Kathleen Faries is head of Bermuda for Tokio Millennium Re (TMR), Bermuda Branch. She joined TMR in December 2007. Prior to her current position, Faries was CEO of Tokio Solution Management. She led the startup of Tokio Solution and TMR-owned Shima Re. She is currently chair of the Tokio Solution Management board and a member of the board of Shima Re. Faries has more than 25 years of experience in the insurance and reinsurance field including broking into the US, London and Bermuda markets as well as developing and managing captive insurance companies. She graduated from Northern Illinois University with a BSC in communications studies. She also holds an Associate in Reinsurance designation. She serves on the board of the Bermuda Insurance Institute, Women in Reinsurance and the ILS Bermuda organisation as a founding member. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? Yes, there is no reason why Bermuda should not endure as a risk transfer hub. Bermuda has all it takes—agility, stability, the necessary infrastructure and regulatory framework (eg, Solvency II equivalence) required for long-term success. How do you anticipate Bermuda will continue to adapt and evolve? I would like to see Bermuda take up a significant role in transforming the way we transact business both in the traditional reinsurance sector as well as transferring risk to capital markets. The recent interest from certain fintech companies (blockchain applications) in Bermuda as an incubator for this type of ‘big think’ is encouraging and important for our industry. “The life sector and ILS players continue to look to Bermuda as a natural home for both ILS fund management and fund administration.” Kathleen Faries Job title: Head of Bermuda Company: Tokio Millennium Re 15 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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