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Bermuda Reinsurance Leaders 2016

What will be the main areas of growth for the Island’s risk transfer market? Products for cyber, flood, mortgage, and run-off, with traditional carriers and in the ILS space, are the ones that come to mind first. What are the main challenges you see ahead? The main challenges ahead are not getting “too ahead of itself” in the financial markets. Self-policing new entrants, current market participants, and manageable growth. In a soft and fast-paced market cycle such as we are in presently, it’s challenging not to “press too hard” to return or get sloppy with administration of our business. We need to protect the image and sustainability of what we have. Bermuda must also remain diligent about the physical safety of its citizens and guest workers. Historically low crime rates made Bermuda an attractive place to set up, but things can change quickly if not monitored carefully. 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 number of people are commonly recognised for putting Bermuda on the map and helping make the current market. However, I think it’s time to recognise those leaders had a huge amount of support from the current and emerging leaders in Bermuda. The unsung heroes are the next generation who are actually making it all happen today through thought leadership and hard work. This market has evolved. There is a vast amount of middle-aged and young talent on the Island who are propelling Bermuda forward. Many of these Bermudians were growing up as the market was being created. They are in their 40s and early 50s today. They observed and supported prior thought leadership, and now find themselves in the same position. They, along with similar aged ex-pat workers who have spent many years on the Island, are the quiet, unassuming leaders today providing a solid grounding for the future success of Bermuda. BERMUDA’S REINSURANCE LEADERS Jed Rhoads is the president and chief underwriting officer of Markel Global Reinsurance. He is responsible for leading Markel’s treaty reinsurance business, with teams focused on property, casualty, specialty, and public entity risk solutions. Rhoads joined Markel in 2013, when it acquired Alterra Capital Holdings in Bermuda. Over the course of his career, he has held executive positions with Harbor Point Re, Chubb Re, OPL Limited Bermuda, and Stockton Re Limited Bermuda. His first job in the industry was with the Kemper Reinsurance Company in Long Grove, Illinois. He is a graduate of Beloit College and the Insurance Executive Development Program at The Wharton School, University of Pennsylvania. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? I’m bullish on Bermuda’s future as a continuing risk transfer hub because of its geographic proximity to the US and the UK, Solvency II equivalence, legal environment, history of product and structure innovation, competent local talent, and attractive regulatory and tax environment. This has what made it successful and will keep it successful. How do you anticipate Bermuda will continue to adapt and evolve? In many ways Bermuda has led the charge in product innovation in the past because of the close-knit business community that shares and discusses new ideas openly and freely. Bermuda is justifiably proud of its track record in incubating new ideas and moving markets. One need only look at where most new companies are launched and where the ILS market was developed and continues to grow fastest. “The unsung heroes are the next generation who are actually making it all happen today through thought leadership Jed Rhoads and hard work.” Job title: President and chief underwriting officer Company: Markel Global Reinsurance 34 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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