ILS Bermuda, a group that promotes economic development through the growth of insurance-linked securities and alternative risk transfer in Bermuda, has appointed Kathleen Faries as chair.
She previously served as deputy chair since 2015, and succeeds Greg Wojciechowski after his four years as chair. Faries is also the head of Tokio Millennium Re's Bermuda branch.
“It has been a privilege to contribute to the success of ILS Bermuda and our annual ILS Convergence event since our inception in 2013," said Faries. "Over these past seven years we have witnessed the impactful growth of this 'alternative' now referred to as 'partner' capital coming into the reinsurance market. With the market now at $90bn, these capital providers have continued to increase and broaden their knowledge of the market and we like to think that our ILS Convergence event, and certainly Bermuda as a world-class reinsurance and ILS jurisdiction, has facilitated this growth and sophistication."
Faries is a founding member of ILS Bermuda and helped create the annual Bermuda Convergence event. She has been attributed to steering the committee's outreach, thought leadership initiatives and education objectives since its inception.
ILS Bermuda has appointed Tim Tetlow to take Faries's position as deputy chair, and will work closely with her on the launch of this year's seventh Bermuda Convergence event to be held on October 9-10, at the Hamilton Princess.
Faries continued: With 2017 and 2018 combined insured losses of $230bn, representing the most costly two-year catastrophe loss period we have experienced, and with growing pressure on profit margins, the 2019 wind season will prove an important renewal to watch. ILS Convergence 2019 will be held on October 9-10th and will once again host a cadre of important ILS Short talks as well as relevant discussions amongst key market leaders that will provide insights into the future of the market."
Wojciechowski, who is CEO of the Bermuda Stock Exchange, will remain an active member of the ILS Bermuda committee, and is also a board member of the Bermuda Business Development Agency.
He commented: “It is an honour and privilege to have worked with the talented members of the ILS Bermuda committee over the years and I look forward to continuing our commitment to provide a solid commercial platform supported by world class infrastructure and a well-respected regulatory framework, which contributes directly to Bermuda’s position as a centre of excellence for the creation,
ILS Bermuda, Kathleen Faries, Greg Wojciechowski, Appointment, Bermuda