Strength in numbers

New entrants to life reinsurance evaluated Bermuda carefully and still chose it: that speaks volumes, says BILTIR chief executive officer Suzanne Williams-Charles. 

Bermuda’s life reinsurance sector is facing significant scrutiny due to the pace of growth, but Suzanne WilliamsCharles, chief executive officer of Bermuda International Long Term Insurers and Reinsurers (BILTIR), remains steadfast in her belief that the industry is better positioned than ever to meet the challenges head-on.  

In an interview with Bermuda:Re+ILS, Williams-Charles shared insights into the sector’s evolution and the importance of solidarity across the industry.

“One of the biggest lessons from the past is that we are stronger together,” she noted. 

Reflecting on the challenges faced during the Solvency II equivalence process, she emphasised how the property casualty (P&C) and the long-term sectors came together to ensure Bermuda’s reinsurance sector was not left behind. 

“If we didn’t make that shift, our companies would have been disadvantaged,” she said. “We realised as a jurisdiction that we had to adapt to remain competitive.” 

Changing Bermuda’s reputation 

With experience as an auditor, regulator, compliance officer and industry advocate, Williams-Charles is uniquely qualified to lead BILTIR. She was born and raised in Bermuda, but her career initially took a different direction: influenced by a family friend, she considered law or actuarial science but chose accounting when she graduated from Berkeley Institute and went to Clark Atlanta University.  

After eight years at KPMG auditing insurance companies, she stepped back to focus on family after her son’s premature birth. 

Seeking a better work-life balance, Williams-Charles joined the Bermuda Monetary Authority (BMA), where she found room to grow. “I was able to spread my wings,” she recalled. 

During her time at the BMA, Williams-Charles gained a deep understanding of international regulatory perspectives. 

“When I first started travelling for the BMA around 2010, there was still this perception of Bermuda as a tax haven with loose regulation,” she said. “But the introduction of risk-based capital models such as the BSCR, and achieving Solvency II equivalence in 2016, dramatically shifted this view.”  

Today, the BMA is highly respected internationally and after a decade, Williams-Charles transitioned to the private sector, deepening her understanding of the industry’s regulatory needs and complexities. 

“Spending three years heading reinsurance compliance at Hiscox and six years at the Association of Bermuda Insurers and Reinsurers helped me understand what companies need and why they operate the way they do,” she said. 

Working together 

Reflecting on the evolution of Bermuda’s insurance sector, Williams-Charles emphasised the importance of collaboration and balance.

“Every day is about making everyone happy—maintaining Bermuda’s reputation, preserving the BMA’s independence, and ensuring the business environment promotes innovation without being overly restrictive,” she explained.  

Her career, which has spanned roles that people often “don’t want to see” has positioned her to understand the needs of all stakeholders as she represents BILTIR. 

In the early 2010s, Bermuda’s reinsurance industry, then primarily concerned with P&C reinsurance, found itself under intense scrutiny from the EU as the Island sought to obtain Solvency II equivalence. 

The EU required a level of regulatory oversight that would force Bermuda companies either to put up collateral or prove that their regulatory framework met the EU’s stringent standards.  

Bermuda’s decision to pursue equivalence was pivotal, ensuring that its companies could operate on a level playing field with their European counterparts. 

“At that point, Bermuda had to make a decision,” Williams-Charles recounted. “Much of the life sector didn’t necessarily need Solvency II equivalence to execute their business models effectively.”  

However, the inability to carve out the life sector meant that the entire jurisdiction had to commit to the rigorous standards.  

“That was essentially the beginning of BILTIR,” she said. “It was a group that came together to provide technical advice on the implementation of Solvency II from the long-term perspective to complement what was being provided by the P&C sector,” Williams-Charles explained.  

“Now, the scrutiny is on the life sector, and we believe that through our efforts, we’ve addressed many of the points under scrutiny.” 

The key, she argues, is the need for continued collaboration across the entire reinsurance market. “We’re stronger together in 2024, just as we were during Solvency II,” Williams-Charles asserted.  

“This is not about trying to create a façade. We believe in the strength of the jurisdiction, and it’s crucial that others understand the robustness of our regulatory environment.” 

The long-term view 

Williams-Charles highlighted the significant strides the BMA and the life sector have made to enhance the regulatory framework.  

“Companies have raised additional capital, demonstrating their commitment to operating in a well-regulated jurisdiction,” she noted.

Despite the challenges, Bermuda’s life reinsurance sector continues to attract new entrants, a testament to the Island’s growing reputation as a well-regulated and secure domicile.  

“We’ve had new entrants even since the enhancements came into play,” Williams-Charles pointed out.  

“These companies evaluated our jurisdiction carefully and still chose Bermuda: that speaks volumes.” 

One of the most significant misconceptions, according to Williams-Charles, is the view that private equity firms backing these reinsurers might be short-term players. 

“There’s a concern that when the going gets tough, these firms will walk away,” she acknowledged. “But what I’ve heard is completely the opposite: these firms often have the ability to take a longer-term view, which is crucial for the stability of the sector.” 

The life sector’s focus on long-term investments and pension solutions aligns well with this perspective. 

“We’re in the business of providing for retirement,” WilliamsCharles explained. “The value proposition of Bermuda’s reinsurers is ensuring that individuals have what they believe they’re going to have at retirement—that can happen only if we operate in a stable, well regulated jurisdiction. 

“The commitment to maintaining high standards is not just about meeting regulatory requirements—it’s about preserving Bermuda’s reputation on the global stage,” she added. 

“We understand that trust is the foundation of our industry, and the moment that trust is compromised, the entire sector is at risk.” 

Williams-Charles is optimistic but realistic about the challenges that remain.  

“We know the scrutiny will continue, and that’s okay,” she said. “It keeps us sharp and ensures we never become complacent: It’s important that we face these challenges as a united industry, with the shared goal of upholding Bermuda’s reputation as a world-class reinsurance hub.” 

As Bermuda’s life reinsurance sector navigates these waters, its leaders are doubling down on the strength that comes from collaboration, transparency, and a commitment to excellence.  

“We’re stronger together,” Williams-Charles concluded. “That’s how we’ll continue to thrive—by working together, learning from the past, and always striving to do better. The world is watching, and we’re ready.”

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