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Bermuda Reinsurance Leaders 2016

Competition is coming from new places and it needs to work hard to continue to punch above its weight on a world stage. What will be the main areas of growth for the Island’s risk transfer market? The convergence between reinsurance and capital markets will continue, together with other sources of new capital also seeking reinsurance as an alternative asset class. Bermuda, with its competitive environment, its underwriting and analytical talent, is well positioned to remain at the forefront of market growth. It is widely accepted that “big data and analytics” will be critical to the success of re/insurers in the future. For more than 20 years, Bermuda’s re/insurers have been innovative leaders in researching and modelling re/insurance risks. The Island’s market will grow by continuing to leverage its discipline in analysing internal and external data using top class talent and information technology. What are the main challenges you see ahead? The global market place is continually evolving. New capital can require a change to conventional structuring. New market entrants increase the risk of disruption, but at Qatar Re, we see that as an opportunity, rather than a threat. There are also demands for new products, while the needs for existing insurance products have to be satisfied in new ways too. At Qatar Re, and more broadly as reinsurers, we link the capital of investors with those who wish to lay off risk and do so in an efficient, reliable and trusted fashion. Probably the main industry challenge is maintaining reasonable returns for capital providers, but the continuing in-flow of capital shows that whether returns or diversification is the driver, no let-up is materialising yet. Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? Bermuda has some great entrepreneurial business leaders, but what sets it apart from our perspective is the willingness of government and the regulator to work with industry to allow entrepreneurs to flourish. This is why we decide to move our company to the Island. BERMUDA’S REINSURANCE LEADERS Luke Roden has a very successful track record developing and maintaining large, profitable portfolios over the past 20+ years. Having started in the market in 1992, he has gained extensive experience with short tail treaty lines (cat XL, pro-rata, risk XL and retro XL), high-level aviation and marine XL. Roden joined Qatar Re in June 2012 and has since been instrumental in the development of the North American portfolio through the establishment of Qatar Re’s platform in Bermuda. Do you believe Bermuda will remain a risk transfer hub? What has made it so successful in this sphere? Yes, Qatar Re’s move to Bermuda last year testifies Bermuda’s leading position as a risk transfer hub, based on its proven track record at being well regulated, nimble and to continually innovate as others seek to emulate it. At Qatar Re, we seek to support insurance entrepreneurs. Bermuda is an ideal hub to do so because it provides a stable environment to attract suitable capital, encourages a strong technical approach to understanding risk and benefits from a strong consensus among regulators, industry and its representations to protect policyholders while advancing the sector. How do you anticipate Bermuda will continue to adapt and evolve in light of the changing risk-transfer landscape? Bermuda will continue to innovate. Its agility is not stifled by the inertia that innovation seems plagued by in other jurisdictions. Bermuda must not be complacent, however. “The Island’s market will grow by continuing to leverage its discipline in analysing internal and external data.” Luke Roden Job title: Global head of catastrophe and head of ceded reinsurance Company: Qatar Re Timeline: 2015: Global head of catastrophe and head of ceded reinsurance, Qatar Re 2012: Underwriter manager, Qatar Re 35 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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