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Bermuda Rising Stars

4 December 2015 Bermuda:Re/insurance+ILS BERMUDA’S RISING STARS However, with determination and hard work the benefits are well worth the effort,” she says. Chris Dart, senior vice president at Guy Carpenter, is another young professional who admits he fell into the industry by accident after initially seeking a profession as a stock broker. He praises some of the schemes available on Bermuda designed to attract young talent, including graduate programmes at companies such as ACE and XL and internship schemes at Marsh in Bermuda, that allow graduates to spend time in Marsh and Guy Carpenter offices learning the different aspects of the business. He believes that once a person is established in the industry, the opportunities are there. “Once you start working at the companies in Bermuda, there are great opportunities to meet senior management and executives,” he says. “One of the big advantages Bermuda has is the exposure young professionals have to decision-makers within the firm and also to clients visiting the Island. You don’t really have that in other global offices and this was part of the attraction for me in Bermuda.” A beneficiary of some of the internship programmes available is Anna Card, assistant underwriter at AXIS Re Bermuda, who grew up on Bermuda and participated in the Bermuda ACE summer internship programme. Since then, she has never looked back and remains enticed by the ever-changing challenges the industry must overcome. “It appealed to me because it didn’t look like your standard office job, simply sitting behind your desk. You are given the opportunity to meet with clients and brokers, which allows you to form professional relationships,” Card says. “I definitely think this industry offers fantastic opportunities in all departments along with career development for young professionals. If you are eager, motivated and driven, you will never stop being recognised by your colleagues and clients. The industry is constantly changing and learning how to adapt to economic challenges. No two weeks have ever been the same for me.” Despite the optimism and enthusiasm shown by so many of this relatively new batch of rising stars looking to make a difference in the sector, a note of caution was also sounded. Recent years have brought great change to the industry both in terms of the way risks are being packages and transferred and, more recently, thanks to a wave of consolidation among many of the more traditional companies operating from Bermuda. This fluid situation is met with a mixture of caution and optimism. On the one hand, change often also means innovation and the opportunity to make a difference. But the trend of consolidation can also mean rationalisation and job losses. Liz Cunningham, partner at Deloitte leading the actuarial, risk and “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.” Jay Cahill analytics practice across Bermuda and the Caribbean region, sums up this mixed sentiment. “There is no doubt that the re/insurance industry is facing change on an extraordinary scale,” she says. “Shifts in the distribution model; alternative sources of capital; increasing use of sophisticated data analytics and sweeping regulatory changes are just a few. However with these challenges come opportunities; there is greater need and appetite for the wealth protection re/insurance provides and technology advancements and innovative thinkers are making insurance products more accessible to people.” That, it seems, is the central point about the industry and its biggest attraction: the fact that it, in some ways, will influence every part of daily life and the way society changes. “While there is the obvious commercial element to it, the profession offers an opportunity to genuinely do some good, because at its core, we offer protection and peace of mind to vulnerable commercial and non-commercial clients,” says David Amaro, senior claims analyst at Hamilton Re. “I do think the industry is attractive, or at least it should be seen as such. Re/insurance extends beyond auto and home insurance, and concerns every exciting new development we hear about—cyber, climate change, drones, self-driving cars and even 3D printers have unique re/insurance issues to consider,” he says. “Most of the events we see on the evening news have re/insurance implications. As such, for my part, not only is the industry attractive and rewarding, it is also highly relevant to our daily lives.” ■


Bermuda Rising Stars
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