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Bermuda Reinsurance Leaders 2016

risk, increased reinsurance needs driven by regulatory requirements, privatisation of risk (in areas such as flood), cyber liability, and re/insurance in developing markets. What are the main challenges you see ahead? The imbalance of supply and demand absent a major event or market changes, continued low interest rates, a stagnating global economy, and tenuous political environments around the world. Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? The Bermuda market is ultimately made up of individuals, and I am continually impressed with the level of professionalism and the entrepreneurial spirit I witness on a daily basis from colleagues at AXIS and in the market overall. In a very real sense we are all leaders, and we all have an important role to play in promoting the market and solidifying Bermuda role as a key risk transfer hub for the global marketplace. BERMUDA’S REINSURANCE LEADERS Peter Kiernan has 26 years of industry experience and joined AXIS in 2006. During his tenure at AXIS, he has worked predominately on the underwriting and marketing of US property and specialty catastrophe and per risk business. Prior to joining AXIS in May of 2006, Kiernan worked at PXRE Reinsurance Company for 14 years in a variety of roles including senior vice president–head of North American property. He started his career in 1989 at St. Paul Re and is a graduate of Iona College. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? Since the late 1970s, the Bermuda market has been at the forefront in developing innovative risk transfer mechanisms to service the insurance, reinsurance, and captive markets. Bermuda will remain a key risk transfer hub because it is an established marketplace with a solid regulatory infrastructure and a highly skilled, entrepreneurial talent base with a track record of delivering solutions worldwide. How do you anticipate Bermuda will continue to adapt and evolve? The Bermuda market is evolving before our eyes in order to adapt to the continually changing risk transfer environment. Examples include bolstering the regulatory framework, driven by the BMA and its successful Solvency II equivalence efforts, partnering with alternative capital sources to deliver new products and solutions to clients, embracing new lines of business and distribution sources, recruiting world-class talent, and developing systems and analytics to monitor and manage multiple lines of business. What will be the main areas of growth for the Island’s risk transfer market? Potential areas of growth include global mortgage credit “Bermuda will remain a key risk transfer hub because it is an established marketplace with a solid regulatory infrastructure.” Peter Kiernan Job title: President & chief underwriting officer Company: AXIS Re Bermuda 17 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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