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Bermuda Reinsurance Leaders 2016

development of products and services to help businesses and consumers manage new and evolving risks. What will be the main areas of growth for the Island’s risk transfer market? The combination of traditional reinsurance and capital markets will continue to drive capacity and capabilities. Bermuda’s traditional insurance and reinsurance will continue to be at the forefront of the Island’s risk transfer offerings. Disruptive technologies are making their way into virtually all segments of industry and society. Tools, products and capacity to help manage a host of emerging risks will require critical thinking and innovation to develop responsive solutions. I believe that Bermuda will be an active and leading participant in developing meaningful solutions and capacity. What are the main challenges you see ahead? For Maiden, with a comparatively unusual business model, our focus will remain oriented on delivering sustainable long-term capital solutions to small and mid-sized insurers and, of course, helping our clients to effectively deliver value to their customers in a rapidly changing environment. I believe that Bermuda is the preferred domicile to deliver maximum value to our clients. But regardless of business model, for all market participants, I would summarise the most significant challenges in two words: change and adaptability. Over the last decade and across the globe, we have witnessed a remarkable level of political, social, environmental and economic change. In all likelihood the pace of change going forward will only intensify, creating new risks and opportunities. For Bermuda to remain relevant, it will be essential to understand those dynamics and to proactively respond by managing the impact of these changes on our own balance sheets and business models and proactively responding with effective solutions to assist our customers to prosper and effectively manage emerging risks. This will require a more sophisticated understanding of capital and risk and a better understanding of the drivers of change. Technological innovation will drive much of that change and it will be imperative for Bermuda re/insurers to lead in supporting and even sponsoring disruptive technologies and business models that could help shape the future. It will also require the market to attract new talent to help innovate. BERMUDA’S REINSURANCE LEADERS Art Raschbaum has served as president and CEO of Maiden Holdings since November 2008. From 1994 to 2008, Raschbaum held several leadership positions with GMAC Insurance Holdings, including president of GMAC Insurance and president of GMAC Re and its predecessors. Raschbaum holds a BBA from the University of Texas at El Paso and attended the Stanford University Executive Program. He serves on the board of governors of the Property Casualty Insurers Association of America, and on the board of advisors of the RAND Institute for Civil Justice. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? Bermuda benefits significantly from its ability to develop and attract intellectual capital which has been a strong catalyst for innovation and the development of new products and new business models. Equally significant is Bermuda’s ability to attract capital. This has allowed Bermuda insurers and reinsurers to respond more effectively to market dislocation, entertain new risks and to deliver meaningful risk financing solutions to customers throughout the world. How do you anticipate Bermuda will continue to adapt and evolve? From captive management to ILS, as the needs of insureds and cedants have changed, so have the products and delivery mechanisms. Increasingly, technology and sophisticated risk analytics will be important drivers to the Bermuda market’s continued success and many Bermuda companies are investing actively to stimulate new product innovation. Bermuda is uniquely positioned to bring together traditional insurance capacity and capital markets to further innovate and provide new risk transfer products and continued enhanced capacity to the market. Bermuda market can and will be a significant participant in the “Our focus will remain oriented on delivering sustainable long-term capital solutions to small and mid-sized insurers.” Art Raschbaum Job title: President and chief executive officer Company: Maiden Holdings 26 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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