Page 36

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

since the early days of the country’s re/insurance market. This is largely due to its entrepreneurial spirit, on-Island technical underwriting capabilities and a legal and regulatory business environment that both understands and supports the re/insurance market. I believe Bermuda will continue to evolve and remain the preferred location to conduct business as the global risk transfer landscape adapts and changes overtime. What will be the main areas of growth for the Island’s risk transfer market? Convergence, the meeting of re/insurance and capital markets, represents the greatest opportunity for growth and not just in the property catastrophe market. I think that there is an opportunity to bring new products to the market particularly those that display similar characteristics to property catastrophe risks. Cyber, terrorism, flood, mortgage, crop and operational risk are examples of lines of business that will be packaged and sold through the capital markets as ILS products. What are the main challenges you see ahead? Bermuda must ensure that it continues to promote itself as a pro-business jurisdiction and enhance its reputation in the eyes of global regulators, investors and customers. Global competition in the re/insurance market is only increasing. In order to effectively compete, companies will need to optimise their capital structure and effect a lower cost of capital. Finding the most efficient way to source and warehouse risk is going to be the way of the future. Bermuda must make sure that it is at the centre of these developments.  Are there any leaders you particularly admire for what they have done to help propel Bermuda to prominence as a risk transfer hub? There are so many but I guess I would have to go back to Bob Clements and Steven Gluckstern. Bob clearly led the way by being the thought leader and promoter of some of the earlier companies on the Island such as ACE and XL. The propagation and success of those companies propelled Bermuda forward and really put it on the face of the re/insurance map. I also always admired Steven Gluckstern as a thought leader. He took traditional reinsurance and infused it with capital market structures and led the way in the financial re/insurance sector. He was a real innovator and truly embodied the entrepreneurial spirit of the Island. BERMUDA’S LEADERS PART II Frederick J. (Rick) Pagnani, Jr Job title: Chief executive officer Company: Mt. Logan Re Timeline: 2012: Joined Everest Global Services 2008: Partner, TigerRisk Partners 2005: Chief executive officer, Ascendant Re 2003: President, Quanta Re US 1997: Managing director, Swiss Re New Markets 1994: Senior vice president, Zurich Reinsurance Centre 1990: Facultative underwriter, General Re Rick Pagnani is the chief executive officer of Mt. Logan Re. He joined Everest Global Services with the mission of leading the Mt. Logan Re initiative in November 2012. Since then the company has grown its assets under management to over $1 billion. Mt. Logan offers capital markets investors the opportunity to gain exposure to the risk-reward profile of diversifying, non-correlated re/insurance risks via privately offered insurance-linked securities. Do you believe Bermuda will remain a risk transfer hub? Bermuda will remain one of the leading global risk transfer markets for many years to come. It is well positioned from a reputational and regulatory standpoint and has a proven history of anticipatory and innovative product development. The Bermuda re/insurance market has also thrived in large part due to entrepreneurial spirit the country has fostered through its pro-business regulatory environment. How do you anticipate Bermuda will continue to adapt and evolve? Bermuda has been to the fore of product development “Finding the most efficient way to source and warehouse risk is going to be the way of the future.” 36 2016 Bermuda:Re/insurance+ILS


Bermuda's Leaders Part II - Service Providers & ILS Specialists 2016
To see the actual publication please follow the link above