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

In addition, lower income countries where traditional risk products have generally been unaffordable or unavailable represent an opportunity for expansion through the introduction of innovative index-based risk transfer products. One could also expect to see a greater proliferation of healthcare, workers’ compensation, professional, wage & hour liability and casualty lines emerging through the ILS landscape. A commonly discussed topic involves cyber risk. As the world’s reliance on, and thus associated exposure to, fast-changing technology continues this sector represents a largely untapped opportunity for innovative companies to develop new risk management products designed to address an ever-increasing market exposure gap. What are the main challenges you see ahead? Bermuda’s traditional reinsurers have continued to be challenged by limited growth in demand for reinsurance in Europe and the US, increased competition through the introduction of alternative capital invested in ILS, shifting regulatory requirements and lower investment yields. Ongoing developments in regulatory requirements and an increasing international focus on global taxation, through such initiatives as BEPS, also represent challenges to Bermuda’s risk management sector. The Island however is well positioned to successfully address these issues. Companies must continue to foster the development of local expertise in order to remain successful. Our recruitment division, which specialises in the search for personnel within this sector, continues to see a wide gap between the local demand for technical staff and domestic supply, Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? The Bermuda Monetary Authority (BMA) is internationally recognised for its practical and risk-based approach to regulation. The introduction of the Bermuda Business Development Agency (BDA represents a positive and proactive initiative that will further help to enhance the Island’s reputation. It is important to remember that the Island’s population at large, whether directly employed in the risk sector or not, all play an important role in the maintenance of Bermuda’s reputation as a leading international risk transfer hub. BERMUDA’S LEADERS PART II Michael Jardine CPA, CA is a co-founder of Details Management and the director of operations. He brings over 20 years of financial services experience to Details having worked with a significant number of the Island’s reinsurers and hedge funds. He has provided accounting consultancy services primarily in the reinsurance, hedge fund and telecommunications industries. Jardine holds a Bachelor of Commerce degree in accounting and finance from Dalhousie University. Do you believe Bermuda will remain a risk transfer hub? The Island’s risk management sector has risen to the challenge of a changing risk landscape through innovation and successful execution. It continues to create value for its clients and stakeholders. I expect this trend will continue through the development and introduction of further innovative risk management products, supported by disciplined underwriting. How do you anticipate Bermuda will continue to adapt and evolve? Bermuda’s risk management sector has proven itself to be a world class innovator with the ability to execute and deliver. Investment in ILS has thus far been largely confined to natural catastrophes with smaller amounts invested in other asset classes. One could expect further development in this sector, expanding its reach beyond cat cover, as well as the possible proliferation of greater strategic partnerships between traditional re/insurers and ILS providers, as ILS companies look to tap into the Island’s proven underwriting expertise. What will be the main areas of growth for the Island’s risk transfer market? Expanding markets such as the Middle East, South America, Asia, and Africa represent potential markets for expansion. “Lower income countries where traditional risk products have generally been unaffordable or unavailable represent an opportunity for expansion.” Michael Jardine Job title: Co-founder and director of operations Company: Details Management 20 2016 Bermuda:Re/insurance+ILS


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