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

How do you anticipate Bermuda will continue to adapt and evolve? The key to Bermuda’s evolving and adapting to developing market opportunities has been our political stability and regulatory consistency. This also has enabled us to attract some of the greatest risk management minds from around the world. These risk management professionals have shown that they are not afraid to step outside of the box to deliver new products and solutions to an ever-changing risk transfer landscape. As long as Bermuda is open to new business concepts and ideas, the market will continue to thrive. What will be the main areas of growth for the Island’s risk transfer market? The expanded application of technology to risk transfer is the next step in the evolution of our industry. Competitors from Silicon Valley have developed advanced data analytics which threaten to become a disruptive force in the development of ‘Insurance 2.0’. Getting ahead of this technology curve will be key to maintaining Bermuda’s position as a leading global risk transfer market. What are the main challenges you see ahead? I believe that macroeconomic forces and onshore regulatory regimes that are hungry for new streams of tax revenue are two of the bigger challenges that Bermuda faces in the near term. I would point to the UK’s ILS push and inversion limitation regulation in the US as examples of changes in the global landscape that can challenge Bermuda’s current status. 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 late Bob Clements is someone I have tremendous admiration for. Bob was a brilliant man and instrumental in building, launching and leading a number of Bermuda carriers and brokers, leaving his legacy on the Island and the industry. He had an entrepreneurial spirit—he recognised the opportunities that Bermuda offered to our industry and worked tirelessly to bring them to fruition. BERMUDA’S LEADERS PART II Adam Szakmary was named chief executive officer of Blue Capital Management in August 2015. Szakmary was previously an underwriter of the US property treaty portfolio and a vice president of risk management at Montpelier Re, a wholly-owned subsidiary of Endurance. Szakmary assisted in the launch of Montpelier at Lloyd’s, now doing business as Endurance at Lloyd’s, where he was the international property class underwriter, and prior to that he underwrote the terrorism portfolio at Montpelier Re. He has also worked with the US Overseas Private Investment Corporation, and the US Department of Commerce evaluating political risk while researching terrorism. Szakmary holds a Master’s degree in international economic policy from American University, and a double Bachelor’s degree in maritime policy studies and political science with high distinction from the University of Rhode Island. Do you believe Bermuda will remain a risk transfer hub? Our success as a leading risk capital market rests on the abundance of talented risk professionals who view the Island as a stable and efficient jurisdiction that fosters innovation. Following the successful creation of a nucleus of reinsurers during the casualty crisis of the mid- 1980s and the establishment of Bermuda as a global cat reinsurance market post Hurricane Andrew, we are now in the third epoch in the Island’s development, which I would call the ILS/convergence period. The speed and ease of doing business here, along with the experienced and highly educated talent pool, has propelled Bermuda to be recognised as a lead domicile. “Macroeconomic forces and onshore regulatory regimes that are hungry for new streams of tax revenue are two of the bigger challenges that Bermuda faces.” Adam Szakmary Job title: Chief executive officer and portfolio manager Company: Blue Capital Management 40 2016 Bermuda:Re/insurance+ILS


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