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Bermuda Reinsurance Leaders 2016

Watford Re. More is on the horizon from us and others that will anchor Bermuda’s rightful standing of the most innovative market in reinsurance. What will be the main areas of growth for the Island’s risk transfer market? I think it is fair to state the obvious—that Bermuda has long ago graduated from a place which is mainly associated with cat and excess casualty capacity. Bermudian companies are leading the charge in data analytics and technology as drivers of better risk selection, and conduits to opening new markets which will provide new streams of premium income. We as a community forged the way forward to provide reinsurance solutions to the government-sponsored enterprises in the US—six of the top 10 mortgage reinsurance providers are based here in Bermuda. What are the main challenges you see ahead? We face the same challenges as others globally: excess capital, the low interest rate environment, and falling rates. The more disciplined markets are also facing expense ratio increases due to a reducing top line. Perhaps things will get worse still before they get better, but eventually the environment will turn more in Bermuda reinsurers’ favour. 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 name that races quickly to mind is Robert Clements. Bob was one of the founders of Arch. His passion for insurance led him to a lifetime building companies, the most successful of which are the most prominent of Bermudian firms. He founded ACE and XL on the Island and decades later, Arch Capital. These companies have grown to successfully employ and contribute tremendously to Bermuda. Today his bust sits on Robert Clements Walkway, between his second and third favourite startups. BERMUDA’S REINSURANCE LEADERS Maamoun Rajeh is the president and chief executive officer of Arch Reinsurance, a position he has held since July 2014. He joined Arch Reinsurance in 2001 as an underwriter, ultimately becoming chief underwriting officer in November 2005. While maintaining that role, he also served as president and chief executive officer of Arch Reinsurance Europe from October 2012 to July 2014. Prior to Arch, Rajeh served as assistant vice president at HartRe, a subsidiary of The Hartford Financial Services Group and an underwriter at F&G Re. He has a BS from The Wharton School of Business of the University of Pennsylvania. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? No doubt it will. The combination of its multinational, globally experienced talent, its reinsurers’ solid and growing balance sheets, its regulatory regime which is demanding yet proportionate, and a history of creativity, Bermuda will continue to stride ahead successfully. There is a ‘can-do-it-ness’ about Bermudian reinsurers that is palpable. How do you anticipate Bermuda will continue to adapt and evolve? I believe Bermuda will increasingly lead the evolution of risk transfer in our business. In many ways it already has. Look at the innovation created by the likes of RenRe and Nephila in the cat space, and more recently Arch’s own “Bermudian companies are leading the charge in data analytics and technology as drivers of better risk selection.” Maamoun Rajeh Job title: President and chief executive officer Company: Arch Reinsurance Timeline: 2014: President and chief executive officer, Arch Reinsurance 2005: Chief underwriting officer, Arch Reinsurance 2001: Underwriter, Arch Reinsurance 24 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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