A record 340 attendees from 13 different countries attended Bermuda Convergence 2016 – a networking event covering the alternative reinsurance, ILS and collateralised reinsurance landscape.
The event, designed to anchor Bermuda as a centre of excellence for the creation and listing of ILS structures, was conceived by ILS Bermuda, a body comprised of industry executives working together on a volunteer basis to promote Bermuda’s expertise in the industry. Now in its fourth year, the Bermuda Business Development Agency (BDA), as well as overseas and local corporate sponsors supported the event.
Some 55 percent of attendees were from overseas from countries including: Australia, Canada, France, Germany, Guernsey, India, Ireland, the Netherlands, Spain, Switzerland, the US and the UK.
Building on the success from last year, the popular “Bermuda Shorts” speaking format was repeated again this year. These specially tailored brief 10 to 15 minute presentations feature a format where speakers share their recent research, a business idea, or an informed viewpoint.
The event’s keynote speakers included Pablos Holman, the Futurist, Inventor and Hacker; VJ Dowling, the publisher of IBNR Weekly and principal in Dowling Partners; and Bermuda Premier, the Hon. Michael Dunkley.
Dunkley said: “Observers have been watching the increasing importance of the insurance-linked securities marketplace, and Bermuda has staked its claim as the leading jurisdictions for the ILS sector. Insurance and reinsurance industry observers point to ILS market leaders domiciled in Bermuda, noting that the Island is one of the key regions in the evolving and influential alternative capital space.”
Greg Wojciechowski, the chairman of ILS Bermuda and President and CEO of the Bermuda Stock Exchange (BSX), added: “During these very uncertain times, Bermuda’s position as the ‘World’s Risk Capital’ and our ability to continue to provide a solid commercial platform supported by world class infrastructure and a well-respected regulatory framework, contributes directly to Bermuda’s position as a centre of excellence for the creation, support and listing of Insurance Linked Securities vehicles.”
Bermuda continues to maintain its position as the leading jurisdiction for the issuance of ILS. The BSX accounted for 75.4 percent of the global market capitalisation of ILS at the end of October 2016.
The results of the ‘ILS Bermuda Survey’ commissioned earlier this year by the Bermuda Business Development Agency (BDA) also attested to the growth of the sector in Bermuda. The study estimated a total economic impact of $734 million from Bermuda-based insurance-linked funds and established that the ILS industry generated at least 400 jobs in Bermuda by the end of 2015, representing a 30 percent increase over the previous year.
“We’re proud to be lead sponsor of this event for the fourth consecutive year now, and to support our ILS Bermuda colleagues in shaping this very successful networking forum,” said Ross Webber, CEO of the Bermuda Business Development Agency (BDA).
“Bermuda stands apart from all other jurisdictions, and the ILS/convergence sector is a good example of this. Its size and strength are unparalleled. That’s due to the unique advantages of this domicile—our reputation, robust regulation, constant innovation and world-class talent. Bermuda is a leader on all those fronts and it’s why industry values our marketplace.”
ILS Bermuda, Bermuda, Bermuda Convergence 2016, Insurance, Reinsurance, ILS, Global, Pablos Holman, Michael Dunkley, Government, Survey, BDA, Ross Webber