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

BERMUDA’S LEADERS PART II if not most, transactions will consolidate the market further leading to rationalisation of staff and the possible loss of expertise from the Island.” And he finishes with a word of warning. “Bermuda cannot rest on its laurels. Increasing competition is inevitable from other jurisdictions that increasingly see the benefits of credible regulatory oversight and the attractiveness of the ILS market.” Andre Perez, chief executive, Horseshoe Group, agrees, highlighting several other challenges. “For Bermuda, standing still is never an option. The market is continuously in a state of flux and we need to adapt to those changes,” he says. “The obvious one is the competition from other jurisdictions which are trying to emulate Bermuda’s success— “Bermuda is not just another offshore financial centre but is a stable, yet innovative, leader in the re/insurance and ILS sectors.” Ernest Morrison, CHW this is especially true in the ILS space where there are now few jurisdictions around the globe offering a Solvency II-equivalent regulatory environment for ILS. “One of the most significant challenges Bermuda is facing is the retention of talent. One of the pillars of our industry is talented people and I hope we find a way to retain them on the Island.” ■ If you have a candidate you’d like to propose for consideration in our 2017 update, please contact Angharad Davies, head of research at: adavies@newtonmedia.co.uk When we contacted and interviewed this batch of leaders, we also asked them if there were other leaders past or present they particularly admired for what they have done to help propel Bermuda to prominence as a risk transfer hub. Brian Duperreault’s name again cropped up very often with Don Kramer, Ernest Morrison, of CHW and Mike Morrison of KPMG in Bermuda all naming him as a great leader. “Brian has been a major contributor to the Island’s success and seems likely to continue to contribute with his focus on technology and his significant investment support from his major stockholder,” Kramer said. Mike Morrison added: “Brian is a serial reinsurance executive who simply makes things happen—from growing ACE from a captive to a global powerhouse and restructuring MMC. We eagerly await what plans he and Kathleen Reardon have to develop Hamilton Re.” Rick Pagnani at Mt. Logan Re named Bob Clements, an architect of both ACE and XL, and Steven Gluckstern. “The success of those companies propelled Bermuda forward and really put it on the face of the re/insurance map,” Pagnani said speaking of ACE and XL. Of Gluckstern he added: “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.” Andre Perez said he had been inspired by Jim Stanard and the late Bill Riker, who helped form RenaissanceRe. “They single-handedly changed the face of catastrophe reinsurance and contributed immensely to making Bermuda the worldwide reinsurance centre it is today,” he said. He added that Frank Majors and Greg Hagood, the founders of Nephila Capital, also deserved recognition for the way they sold catastrophe risk to institutional investors. “What seemed like a crazy idea at the time ended up being a game-changer and gave birth to the ILS industry as we know it today,” Perez said. “Last but certainly not least, a lot of Bermuda’s success is to be attributed to the amazing team at the Bermuda Monetary Authority (BMA), especially Jeremy Cox. Thanks to their relentless work to keep Bermuda relevant and responsive, they have helped the Island’s insurance industry build a solid reputation while allowing it the flexibility to thrive.” Morrison at KPMG in Bermuda also named Cox, saying he had been “absolutely focused on achieving the BMA’s objectives—Solvency II equivalence being the key one”. He also named Mike McGavick and Stephen Catlin for reinvigorating XL into a global powerhouse and their confidence in Bermuda is telling, with XL Catlin Group redomesticating from Ireland to Bermuda this year. Finally, he named Dominic Silvester for leading Enstar to become the largest standalone run-off consolidator and now developing a significant live platform for the business. Neil Horner at ASW Law named the late Bala Nadarajah, ASW’s first head of corporate and his mentor. “He is considered by us and many others in the Bermuda insurance industry as the man who helped lay the legal and regulatory groundwork for the Island’s rise as a leading global reinsurance centre. Jeremy Cox, CEO of the BMA, and all of his team have also done tremendous work in delivering Solvency II equivalence for Bermuda.” Most admired 6 2016 Bermuda:Re/insurance+ILS


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