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

a pre-eminent hub for the re/insurance risk transfer marketplace. How do you anticipate Bermuda will continue to adapt and evolve? Bermuda benefits from strong industry trade groups and a ‘hands-on’ regulatory approach. This means that as a whole, the Bermuda market effectively anticipates and prepares for market evolution, working collaboratively to solve the market’s ever-changing structural challenges. What will be the main areas of growth for the Island’s risk transfer market? One main area of growth will be due to the increasing significance of the asset management model in transforming risk to investable asset strategies. What is referred to as ‘alternative capital’ will continue to gain market share, and become a more prevalent form of risk transfer. The support for such entities, and the significant network of provider companies—from administration, to compliance, to audit, and fund oversight—will be key to Bermuda’s continued relevance in the reinsurance market. What are the main challenges you see ahead? The main challenges are regulatory and structural. As the global market becomes more integrated, Bermuda can be a role model for efficient and consistent regulation for global re/insurers. As other jurisdictions look to rationalise regulation, there will need for a coordinated effort to ensure normalisation of regulation. Second, as more and more investors look to access risk through a fund investment, structures will need to evolve to accommodate a greater variety of investment appetites. Bermuda has already introduced segregated cell legislation, and there will be other developments required in the future. The oversight for these funds will require greater access to knowledgeable, independent directors, which is another challenge as there is not currently a formal directory or standard for directorships. 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 success of Bermuda lies in its communal approach to solve risk transfer needs in the marketplace. Governmental proponents of reinsurance as a pillar of the Bermuda economy, regulatory leadership which has fair, and communicative, and business leaders who appreciate the advantages Bermuda brings to their businesses have all contributed to Bermuda’s success. BERMUDA’S LEADERS PART II Christopher McKeown has 30 years of experience in the reinsurance industry, including 10 years managing a traditional reinsurance portfolio and five years actively managing capital investing in alternative reinsurance risk structures. McKeown spent 15 years in the insurance brokerage business, in both business production and senior management roles. McKeown was appointed chief executive officer of New Ocean in November 2013. He holds a BA from Syracuse University. Do you believe Bermuda will remain a risk transfer hub? We at New Ocean have certainly made the bet that Bermuda will remain a vibrant centre for trading re/insurance risk on a global scale. Historically, Bermuda has always had a business development orientation, and has evolved the regulatory and governmental policies, as appropriate, to continue to attract capital and risk. Whether it was captive insurance in the 1980s, monoline property catastrophe reinsurers in the 1990s, multi-line insurers/reinsurers in the 2000s, or ILS managers in recent years, Bermuda has always responded to the market’s demand with development policies and strong regulatory oversight. This attitude continues to drive Bermuda as “Bermuda has already introduced segregated cell legislation, and there will be other developments required in the future.” Christopher McKeown Job title: Chief executive officer Company: New Ocean Capital Management Timeline: 2013: Chief executive officer, New Ocean Capital Management 2012: Chief executive officer, Pillar Capital Management 2009: Chief executive officer, Global Analytics, Guy Carpenter 2003: Chief executive officer, ACE Tempest Re 1998: Chief US underwriting officer, ACE Tempest Re 1984: Reinsurance broker, Guy Carpenter 35 2016 Bermuda:Re/insurance+ILS


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