Burt: Bermuda is open to innovation
Bermuda continues to stand as the rock of reinsurance, according to Kathleen Faries, Head of Bermuda for Tokio Millennium Re.
Opening the ILS Convergence conference in Bermuda, Faries said that Bermuda’s old nickname of ‘The Rock’ was still just as relevant now as it has ever been, as Bermuda continues to transform and evolve and be an important part of the reinsurance industry.
“The Rock may not look as it did twenty years ago,” she said, “And it may not look the same in ten years, but it will still be standing out here in the middle of the Atlantic, amidst the shifting sands. The Rock is built on a foundation of innovation and collaboration between business, government and the regulators.”
According to Faries Bermuda continues to evolve to meet the needs of the global reinsurance market, attracting innovators – such as investors in the ILS asset space and increasingly fintech players - to the island and helping to create new business models.
She added that these innovators appreciate the benefits of doing business on the Island, and also can take confidence in doing business in a place that knows the advantages of having solid regulation and also a solid reputation.
“Bermuda is uniquely positioned to capitalise on new opportunities,” she said. “We have the reputation, the experience, the track record that will enable us to be a natural home for the coming transformation of the industry, especially where technology, analytics, human capital and hard capital come together.
“We’re proud of the progress that the ILS sector has made and especially Bermuda’s part in facilitating and supporting that sector of the market. When we had the first convergence conference in 2013 the alternative [capital] market was about $30 billion, or about 15 percent of the total market. Now, just five years later, it’s 21 percent of the market and has forever changed the way we think about capital.”
Bermuda, ILS, Convergence 2018, Kathleen Faries, fintech