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Bermuda's Leaders Part II - Service Providers & ILS Specialists 2016

with regulators who are accessible and solutions-oriented and a financial system which is well run and free of scandal. This environment has brought the decision-makers and innovators to our shores, and once here, they have found it a welcome place to do their business. The industry now has a momentum to it such that it can continue to attract similar innovators and businesses in the future. How do you anticipate Bermuda will continue to adapt and evolve? Bermuda has proved itself to be very adaptive to the changing needs of the risk transfer industries over the last 50 years. The latest adaptability can be seen in, on the one hand, obtaining Solvency II equivalence for commercial carriers while at the same time creating a competitively efficient regulatory environment for ILS structures and other “limited purpose” risk carriers. What will be the main areas of growth for the Island’s risk transfer market? ILS will remain strong and life will take an increasing large share of the overall market. I also expect to see geographical diversification, with more risks coming from emerging markets in Asia, Latin America and MEA. What are the main challenges you see ahead? A continuing challenge is keeping up with the ever-changing regulatory landscape onshore, and ensuring that mis-information about “offshore” does not get wrongly attributed to Bermuda’s risk transfer industry. BERMUDA’S LEADERS PART II Timothy Faries is the Bermuda office managing partner and has overall responsibility for managing the operations of Appleby’s Bermuda office. He is also the Bermuda group head of the corporate department and the insurance and reinsurance sector leader.  He leads a team of lawyers who specialise in all manner of non-contentious corporate insurance work, including life and general insurance and reinsurance, mutual insurance and structured risk financing. Faries has extensive experience of public and private insurance company capital raising and M&A activity, public listings on US, UK and European securities exchanges, the establishment and licensing of alternative risk financing vehicles such as cat bonds, ILWs and other insurance-linked securities and captive insurance companies in established and emerging markets. He speaks at insurance industry conferences both in Bermuda and abroad, is a frequent author of articles and other thought pieces, and provides commentary to international and Bermuda media on the Bermuda insurance industry.  Do you believe Bermuda will remain a risk transfer hub? The fundamentals which underpin Bermuda’s success as a risk transfer hub remain sound, and I believe that it will continue to be a leader for many years to come. The industry has been built over a period of 50+ years and has evolved from being a captives jurisdiction through to new alternative capital including collateralised reinsurance and catastrophe bonds. Bermuda has been able to sustain, and indeed grow, its position due to having a solid support infrastructure, a stable and efficient system of laws, leading-edge regulation “I also expect to see geographical diversification, with more risks coming from emerging markets in Asia, Latin America and MEA.” Tim Faries Job title: Bermuda managing partner, corporate group head–Bermuda, group team leader–insurance Company: Appleby 12 2016 Bermuda:Re/insurance+ILS


Bermuda's Leaders Part II - Service Providers & ILS Specialists 2016
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