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Bermuda Reinsurance Leaders 2016

BERMUDA’S REINSURANCE LEADERS “Future leaders will have to adapt constantly to meet the endlessly changing expectations o Mark Watson III f their customers.” Job title: Chief executive officer Company: Argo Group Timeline: 2000: President and chief executive officer, Argo Group 1999: Board of directors, Argonaut Group to continue embracing the capital markets and further develop mechanisms that make such investments efficient. There is growing opportunity to look to the capital markets and work together to address global insurance needs. What will be the main areas of growth for the Island’s risk transfer market? Bermuda will continue as a jurisdiction for risk transfer of all types—for companies, captives and transfer of risk to capital market investors, but I believe the main area of growth will come from continued market evolution and expansion beyond property catastrophe reinsurance risk. What are the main challenges you see ahead? For the Bermuda market specifically, the challenge will continue to be the ability to attract the talent required to execute in this evolving marketplace. More generally, it used to be important for companies to reinvent themselves every few years. Now it’s daily. Future leaders will have to adapt constantly to meet the endlessly changing expectations of their customers and capital providers. In order to do this, they will need smart systems to sift through mountains of data in pursuit of insights required to make decisions. In the old days, there often wasn’t enough information. Now, there is too much. Those who can manage information and move quickly will win. Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? Don Kramer of ILS Capital Management. Don’s an entrepreneur. He’s seen business success and faced challenges, but he’s not one to give up. His foresight and innovative approach which led to founding ILS Capital back in 2011 has not only been a success, it’s changing the industry. He’s leading the way in working with the capital markets to provide reinsurance and he’s expanding into other global insurance lines through financing from a broad range of investors, including traditional investment companies. He’s a trailblazer. Mark Watson has served as president and CEO since 2000. Prior to joining Argonaut, Watson was one of two founding partners of Aquila Capital Partners, a Texas-based venture capital firm focused on technology and life science related companies. Before founding Aquila, Watson was an executive vice president and member of the board of directors of Titan Holding. From 1989 to 1991 he was an associate attorney with Kroll & Tract, a New York law firm focusing on international financial services clientele. Watson graduated with a BBA. from Southern Methodist University and a JD from the University of Texas, School of Law. Do you believe Bermuda will remain a risk transfer hub? Absolutely, Bermuda has become a real trading centre for our industry, particularly the property catastrophe industry, where Bermuda reinsurers provide a substantial portion of the world’s capacity. They also provide the majority of the high excess liability insurance capacity for the global Fortune 1,000 companies. Given Bermuda’s geographic proximity to the US, I don’t see this changing. How do you anticipate Bermuda will continue to adapt and evolve? As in many industries, the keys to success often lie in being proactive in the face of change. It’s no different in Bermuda, where the risk transfer landscape in continually changing. As the global capital markets get more comfortable with investing in insurance-linked securities, Bermuda will need 37 2016 Bermuda:Re/insurance+ILS


Bermuda Reinsurance Leaders 2016
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