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

scale of the risks are significant. With Solvency II we have seen increased activity in the life sector with a number of reinsurers being established and existing players expanding their operations. Ultimately opportunities develop as the market place dictates whether it be a shortage of capacity of new product lines. The core strengths of a flexible but equivalent regulatory environment and the talent pool that exists in Bermuda will, in my view, allow the Bermuda market to be at the forefront of growth in the global marketplace. What are the main challenges you see ahead? The immediate challenges, as in most markets, are soft rates and a challenging investment environment. These challenges have brought both on- and off-Island M&A and also seen new lines being developed. Challenges bring opportunities and the key for Bermuda will be to seize these opportunities. Are there any other leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? Jeremy Cox, CEO of the Bermuda Monetary Authority, for sure. He has been absolutely focused on achieving the BMA’s objectives, Solvency II equivalence being the key one. Mike McGavick and Stephen Catlin: Mike saved XL during the financial crisis and together with Stephen they have reinvigorated a global powerhouse. Their confidence in Bermuda is telling with XL Catlin Group redomesticating from Ireland to Bermuda this year. Brian Duperreault: a serial reinsurance executive who simply makes things happen, from growing ACE from a captive to a global powerhouse, and restructuring MMC. We eagerly watch what plans he and Kathleen Reardon have to develop Hamilton Re. Dominic Silvester: he has led Enstar to become the largest standalone run-off consolidator and is now developing a significant live platform for the business. BERMUDA’S LEADERS PART II Mike Morrison is a managing director with KPMG in Bermuda. He is head of advisory and head of insurance with KPMG Bermuda. He has been in Bermuda for nearly 20 years and specialises in transactions within the reinsurance industry. Morrison has advised numerous companies on establishing operations on the Island, consolidating through M&A and restructuring their operations. Do you believe Bermuda will remain a risk transfer hub? Yes. The regulatory environment in Bermuda has been at the core of its success. The Bermuda regulatory framework has been developed to meet the needs of an ever-evolving marketplace. As a result Bermuda has advanced from being the jurisdiction of choice for captives to be the clear choice for catastrophe reinsurance, capital deployment and alternative reinsurance products. The recent grant of equivalence to Bermuda by the EU is an important milestone that provides a platform for further development. The development of the marketplace has attracted incredible talent to the Island which compounds and accelerates the development of new products and service lines. How do you anticipate Bermuda will continue to adapt and evolve? I think Bermuda will remain a dominant player in the aforementioned lines of business but I think it will become an even greater hub from where capital will be deployed by both traditional and alternative reinsurers to solve the risk transfer needs of the global marketplace. What will be the main areas of growth for the Island’s risk transfer market? Cyber insurance comes to mind. It’s a new risk and solutions are still been developed and deployed but the “The immediate challenges, as in most markets, are soft rates and a challenging investment environment.” Mike Morrison Job title: Managing director Company: KPMG in Bermuda 26 2016 Bermuda:Re/insurance+ILS


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