3 December 2015 Bermuda:Re/insurance+ILS BERMUDA’S RISING STARS “It’s very attractive once discovered and understood,” Soria says. “The industry is becoming more known to young professionals and more sought out than ever before. There are more risk management and actuarial science courses offered at top universities, tipping off future talents to our industry’s existence. “Similarly, there is a huge need in our industry for talent in interesting fields related to ILS, catastrophe modelling, actuarial sciences and various analytical roles, to name a few. On the surface reinsurance may appear dull to the average college student, but all it takes is a few months in the industry to realise that it’s actually quite the opposite.” Jay Cahill, vice president at RenaissanceRe, says he learned more about the industry in the aftermath of Hurricane Katrina in 2005. He grew up in New Orleans and the hurricane impacted many friends and family. This inspired him to be part of an industry that he describes as very relevant to rebuilding communities after catastrophes, but he agrees that it is often overlooked or misunderstood by young people. “More could be done to advertise some of the novel opportunities in the industry,” Cahill says. “Over the last 15 years, I have seen many of my peers drawn to the technology or investment industries. I was too, initially, as a computer programmer, and then as an investment banking analyst. “The re/insurance industry still has significant unrealised gains available to it, in my opinion, as it further integrates information technology, perhaps more so than banking which is already further along its technology adoption curve. A young technology professional may be able to participate in an ongoing technical refit in the re/ insurance industry, and that could be an exciting opportunity.” This is a point echoed by Nicholas Jagoda, principal and portfolio manager at Elementum (Bermuda). “The industry should be attractive to young professionals globally due to the continued opportunity to participate in an evolving market,” he says. “However, outside of the well-known reinsurance hubs, the industry is less advertised and promoted at the collegiate level. “This results in a disproportionate number of graduates chasing Wall Street-type opportunities. From the perspective of someone who went to university in the US, it would help if reinsurance was something more prominently addressed in the curriculum.” Countless opportunities Cahill’s personal reasons for initially exploring the industry are echoed by a number of the rising stars featured in the list. Victoria Cunningham, assistant vice president, underwriting, at Tokio Millennium Re, admits that she saw the industry as fairly staid and sober in terms of its image when growing up. However, as a Bermudian, she was encouraged to take a closer look following Hurricane Fabian in 2003, which caused approximately $300 million of damage. “I was attracted by the countless opportunities available to me within the industry from a relatively young age and I have been lucky to have had some great mentors along the way. As a young professional today, the industry still has its allure but it is also a slightly tougher sell, given the market conditions and consolidations taking place.
Bermuda Rising Stars
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