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We’d best get used to the idea of Solvency II and the rippling effect that seeking equivalency will have on Bermuda’s shores. Its architects are currently working frantically to ensure it enjoys a smooth passage.
However, there’s no doubt that its arrival, now scheduled for December 31, 2012, to tie in with the start of the financial year of the participating countries, will have a dramatic impact on the reinsurance market both here
and abroad. This is in no small part due its multifaceted approach, which looks set to deliver outcomes of varying palatability for firms and individuals.
For some, it promises financial security; while others believe it presents too much regulation. It is for these opposing views that this issue of Bermuda Re includes a number of features on Solvency II.
The Bermuda Monetary Authority, charged with ensuring the Island’s reinsurers achieve equivalency, strengthens its resolve within its progress update (page 6). KPMG advises on the need for firms to plan for group supervision requirements outlined in the directive (page 24), while the triptych of articles concludes with an examination of what trying to achieve equivalency means for the average reinsurer (page 30).
Though not long in the post, David Cash, chief executive officer of Endurance Specialty, reveals in our profile piece (page 20) his ambitions for consolidating the firm’s position in the marketplace, despite having to negotiate a few obstacles along the way.
Elsewhere, we hear from Bradley Kading of the Association of Bermuda Insurers and Reinsurers (page 12), who argues that proposed legislation from the US, which has Bermuda in its sights, could have a detrimental effect
globally. The Middle East is always an option, suggests Wayne Jones (page 40).
We also hear from another cross-section of brokers in our Brokers’ Report, which this issue focuses on the subscriptions market (page 36), and we offer a lively debate between underwriters and developers over the merits of cat modelling (page 16).
Chiedo Nkwocha - editor
View the June 2010 Issue Here
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