Future is bright for Bermuda: Lloyd’s chairman

The future for Bermuda and London is bright, according to John Nelson, chairman of Lloyd’s.

In a speech to the Bermuda Monetary Authority (BMA), Nelson said: “I believe the future facing London and Bermuda – indeed the industry as a whole – is a bright one. We have a truly extraordinary opportunity over the next decade.”

He added that although London and Bermuda are often seen as arch competitors when looking at the Bermudian presence in Lloyd’s, one can see that 20 syndicates have Bermudian capital and the number is growing.

“Depending on your definitions in round terms Bermuda provides 25 percent of the capacity for the Lloyd’s market,” said Nelson. “We also have significant reinsurance flow between London and Bermuda. We are largely complementary and I believe we are both trusted competitors and partners.”

Nelson explained that the market was at a crossroads with the emergence of new markets in underinsured economies undoubtedly changing the landscape.

“It’s important for us all to remember that our industry has weathered changes before – and we most certainly must do it again,” he said.