9 November 2015News

PwC/S&P conference to examine transformational changes in industry

The Bermuda Reinsurance Conference is set to examine how transformational changes over the past decade are re-shaping the re/insurance industry.

Industry executives will come together on November 10, 2015, to provide their insights into the challenges and opportunities confronting insurers as they adapt to change.

Sponsored by PwC Bermuda and Standard & Poor’s (S&P) the conference is now in its tenth year.

This year’s event will feature Michael Butt, chairman of AXIS Capital, Brian Duperreault, chief executive of Hamilton Insurance Group, and Kevin O’Donnell, president & CEO of RenaissanceRe.

The executives will provide their thoughts on the current reinsurance environment, including recent megadeals and capital flows and will also focus on broader issues around sustainability, resilience, under insurance, and talent.

Arthur Wightman, PwC Bermuda territory leader and insurance leader, said: “PwC is delighted to celebrate ten years of the Bermuda Reinsurance Conference with S&P. The last decade has been pivotal for the industry. There have been sweeping changes across social, technological, environmental, economic and political factors which will continue to influence the way reinsurers adapt to thrive.

“The challenge for reinsurers is that there is no single adaptation. While these factors impact reinsurers globally, they have different levels of impact within each region and country. In addition, the actions that reinsurers choose to take will depend not only on their national or regional markets, but also on their strategic intent, core capabilities, availability of talent, capital and organizational culture.

He added that reinsurers have the opportunity to positively influence global sustainable development goals.

“Whether that is through climate action, economic growth, supporting sustainable cities or narrowing the protection gap, reinsurers will make a difference if they organise themselves to respond to the significant shifts facing the world.”

Kevin Ahern, managing director and analytical manager at S&P, said: “As our theme, ‘Reinsurance Reshaped’, notes, the reinsurance industry is undergoing a structural transformation due to a number of factors that will have far-reaching implications.

“Along with the continued inroads being made by alternative capital, property-casualty insurers and foreign investors from both within and outside the sector are taking a fresh look at the industry.

“The different models being employed, such as the Berkshire model, and the different financial objectives, such as those focused on regulatory capital levels, are increasing the industry’s diversification while heating up competition.”