Bermuda’s reputation and Solvency II hot topics at RIMS

Bermuda’s insurance industry reputation and its recent seal of regulatory approval under Europe’s Solvency II regime are two of the key topics for discussion at this week’s Risk and Insurance Management Society (RIMS) annual conference and exhibition in San Diego, according to the Bermuda Business Development Agency (BDA).  Nearly 200 representatives of Bermuda’s re/insurance industry and affiliates are joining Premier Michael Dunkley, government leaders, and regulatory officials at the April 10–13 event that attracts up to 10,000 risk-management professionals, as well as senior executives and decision-makers from a wide range of industries. “RIMS is always an important highlight for Bermuda,” said the Premier, who is also joined by Finance Minister (Bob) Richards and Minister of Economic Development Dr Grant Gibbons. Dunkley added: “Once again, Team Bermuda is well represented, with key individuals from the Bermuda government and the private sector. This year, we are continuing to focus on strengthening our existing relationships and building new ones.” The BDA is coordinating Bermuda’s presence at RIMS 2016, including this year’s introduction of Bermuda Speed Networking sessions at the island’s hallmark, two-storey booth (#1925) to make it easier for business prospects to learn about setting up a company in the jurisdiction. Those who register for the hour-long private sessions will be able to sit down with a Bermuda team comprising a regulator, banker, auditor, lawyer, broker and insurance manager. Dunkley said: “We are using the RIMS opportunity to reinforce Bermuda’s leading reputation of being the largest captive domicile with a sophisticated business environment and well-regulated framework.”  “Certainly part of our story will be our recent Solvency II achievement, as well as the fact business confidence in Bermuda continues to grow. So, we are definitely looking forward to the RIMS event and telling the Bermuda story of success.” Following a six-year campaign, Bermuda was awarded full equivalence with Europe’s Solvency II system last month, underscoring the island’s world-class standards of regulation. Bermuda is one of three major insurance centres, and the single most important property and catastrophe market.  The island is also the largest captive insurance market—with 800 captive insurance companies generating more than $48 billion in annual gross written premiums, and has the largest depository of insurance-linked securities listings (more than $19 billion worth on the Bermuda Stock Exchange, more than 75 percent of the world’s capacity). A total 64 new insurers were registered in Bermuda in 2015. The Bermuda Monetary Authority (BMA) is sending its chief executive officer, Jeremy Cox, and director, licensing and authorisations, Shelby Weldon to this year’s RIMS event—as well as its chairman, Gerald Simons, managing director, Craig Swan, and assistant director, authorisations Melissa Morton. Weldon said: “A hot topic of discussion at RIMS is likely to be the recent news that Bermuda’s enhanced commercial re/insurance regime has been confirmed as fully equivalent with the European Union’s Solvency II Directive.  “In fact, we have already had companies interested in meeting with us as they consider their options in various jurisdictions. It’s an exciting time for Bermuda and as always, the Authority is delighted to be part of the annual Bermuda delegation to the conference. Anticipating the increased interest, we have a strong team attending, including our chairman, chief executive officer, and managing director.”