23 November 2022

BDA unveils plans for 2023 risk summit

The Bermuda Business Development Agency (BDA), has secured two headline sponsors for its second annual Bermuda Risk Summit being held on March 6-8, 2023. The theme of the event is ‘Innovation, Sustainability and Collaboration’.

Planned content over the course of the summit’s three half-days at the Hamilton Princess Hotel includes a keynote conversation with Bermuda’s Premier, a group CEO session, and a panel made up of local and overseas regulators.

Other topics and lines of business up for discussion include investors, brokers, rating agencies, insurance-linked securities, cyber/specialty lines, run-off, life, insurtech, Florida post-Ian, and the future of risk.

“We greatly appreciate the generous support of our industry stakeholders and partners and are so pleased that the Association of Bermuda Insurers and Reinsurers (ABIR) and EY have both returned as headline level sponsors for our second annual Bermuda Risk Summit,” said David Hart, BDA chief executive officer.

“Back in March, the BDA was proud to hold the first in-person risk event in Bermuda since the start of the pandemic. And as outstanding as the Inaugural Risk Summit was, we have every expectation that the second annual Bermuda Risk Summit will exceed it in showcasing our strengths as the risk capital of the world.”

The immediate economic impact of the 2022 event, which had a total of 350 delegates (80 from overseas), including lodging, transportation, food and beverage, retail and recreation was estimated at over $1 million, and supported around 200 jobs, not including the additional visitors who flew to Bermuda for business meetings around the event. As re/insurers head into the June 1 renewal season, the BDA anticipates another very strong attendance level in March 2023.

Marc Grandisson, chair of ABIR and CEO of Arch Capital Group said: “Next year marks ABIR’s 30th Anniversary, so it is fitting that ABIR, and its member companies are returning to support the Bermuda Risk Summit in 2023 as part of our continued long-term commitment to Bermuda and our international market. As the world’s most innovative and responsive re/insurance market, ABIR’s aim is to support this event to provide our members and stakeholders an ideal opportunity to meet new and existing clients, to share ideas and best practices in person and to foster customer-driven solutions to close the global protection gap.”

John Huff, president & CEO of ABIR, said “The Bermuda market value proposition of protecting consumers from natural catastrophes once again delivers as it is expected that Bermuda will back billions for Americans recovering from Hurricane Ian. The Bermuda Risk Summit is an ideal event to discover the peace of mind and innovation offered by Bermuda’s tremendous claims-paying capital and capacity.”

Jessel Mendes, partner and regional markets leader of the Bahamas, Bermuda, British Virgin Islands and Cayman Islands, said: “EY is very pleased to be returning as a headline sponsor of the second annual Bermuda Risk Summit. High quality forums, such as this, are a terrific opportunity to feature all aspects of Bermuda’s leading global re/insurance market and we are excited to be a part of it. Bermuda is known as the world’s risk capital, a well-deserved reputation built on a solid track record of innovation, growth, teamwork, and our ability to meet market demands. We, at EY, will leverage our global networks to highlight the Summit, Bermuda’s blue-chip reputation and bring valuable insights and perspectives on the latest developments and trends in the industry. We look forward to, once again, teaming with the BDA and building on last year’s success.”