6 October 2014News

Lloyd’s chairman to speak at BMA seminar

John Nelson, the chairman of Lloyd’s of London, is set to give the opening keynote address at the Bermuda Monetary Authority’s (BMA) inaugural seminar.

The seminar, titled Understanding the New Normal in Insurance & Reinsurance, and scheduled for December 4th, is the first of what is intended to become a series of seminars focusing on the drivers of change in the financial services industry.

Other panellists include: Andrew Bailey, deputy chairman of the Bank of England and chief executive officer (CEO) of the UK’s Prudential Regulation Authority; Brian Duperreault, CEO, Hamilton Insurance Group; Mike McGavick, CEO, XL Group; Dennis Mahoney, director, Ironshore and Frank Majors, co-founder and principal, Nephila Capital.

The panel will be moderated by Fiona Luck, a member of the BMA’s board of directors, and closing remarks will be delivered by authority CEO, Jeremy Cox.

Cox said that in light of recent developments in insurance and reinsurance, the seminar will be taking place at a critical point in time.

“Given the rapid pace of change in the markets and the nature, scale and complexity of underlying transactions and risk programmes, it is important that the Authority maintains its relevance and its leadership role by facilitating global debate on the issues confronting and shaping the financial services sector. The New Normal seminar on 4th December will provide a vital platform for what I envision will be a lively debate among some of the leading thinkers and practitioners in the world of risk transfer.”

“In my view, there has never been a more important time for the world’s insurance sector to meet and deliberate on the forces that are transforming the risk industry,” said Cox, adding that future New Normal seminars will likely focus on other aspects of the financial services industry such as banking, funds and asset management.