Bermuda: a leading domicile for legacy solutions

Expertise on the ground has helped the legacy market thrive in Bermuda, industry specialists discussed at the Bermuda Risk Summit yesterday, (March 8).

James Ferris, director of BMS Re, told an audience at the Fairmont Hamilton Princess: “Bermuda is a centre of excellence, especially for the legacy market.”

Ferris said accountants, lawyers and regulators on the Island have a deep knowledge of the markets in the US, UK and Europe.

“You know you’ve got a great skillset if you come to Bermuda. You can speak to people who know what they’re talking about,” Ferris said.

“Bermuda is a known entity. It is properly regulated in a stable area and these aren’t one-year contracts—they are multi-year partnerships.”

Ferris was speaking at a panel discussion titled “Bermuda: A Leading Domicile for Legacy Solutions” on the third and final day of the Summit.

The session was moderated by Andrew Sooboodoo, group chief risk officer at Fortitude Re. Ferris was joined on the panel by Barry Gale, head of legacy at AON; Shireen Gammoh, global head of capital advisory and modelling at Gallagher Re; and William O’Farrell, chief executive officer at Premia Holdings.

O’Farrell said Bermuda has a “fluency across many languages” that allows it to play in different legacy markets.

Gale said the Bermuda Monetary Authority (BMA) had played an “absolutely vital role” by encouraging the legacy market to develop within a culture of innovation and collaboration.

“They were prepared to think about this as a new product line,” Gale said.

“They’re asking questions and collaborating with the right places. They are not blocking anything if the players can demonstrate they have thought things through.

“The development of this market has been massively influenced by the way the BMA has dealt with it.”

Gale warned of a talent risk ahead, however, stating: “Far too many of us have been around far too long.”