Talent, defined — the Bermuda way

Bermuda’s re/insurance market, given its rigidity and centrality, has long been a magnet for global talent – but now the island’s talent equation is being rewritten.

Demographic shifts and digital disruption are forcing firms to rethink how they attract and develop rising stars. Bermuda:Re+ILS’s recent survey revealed a snapshot of what matters most for talent development, and what qualities define the next wave of rising stars.

It found the most important lever for talent development is the recruitment of experienced professionals from outside the company. Firms placed this at the very top of the agenda, ahead of developing a clear hierarchy and cultivating a distinctive company ethos.

Deep industry knowledge was given as the prime quality that marks out a rising star, followed by leadership potential and a creative and innovative mindset. Technical expertise alongside client relationship and communication skills came lower down, while strategic thinking and adaptability ranked lowest.

What matters most for talent development?
The fact that external recruitment tops the list is hardly surprising in Bermuda’s market. With global specialty lines, alternative capital vehicles and complex ILS structures operating from the island, firms are competing for a limited pool of highly specialised talent. In this context, hiring seasoned professionals from outside brings in fresh perspectives, advanced technical capability and global experience.

Recent research from PwC’s 2024 Workforce Radar report describes how insurers must strike a balance; they must act as “talent magnets” to attract external specialists while simultaneously building the internal capability of the organisation to become a “talent factory”. To do this, the report recommends focusing on four key areas: rewards that align with wellbeing; flexibility with workspaces; meaningful, skill-building work; a constructive and defined culture and brand.

The second-ranked priority in the survey – establishing a clear hierarchy – reflects the importance of career transparency. Rising professionals want to know how they fit into the organisation, what their next step looks like and how they might progress. In an industry such as re/insurance that blends traditional structures with new agile models, the clarity of roles, responsibilities and career-path options matters. Employees who perceive a clear future within their company are significantly more likely to stay engaged and advocate for their employer.

Third on the list – developing a unique company ethos – underscores the growing weight of culture and purpose. Bermuda firms that operate globally but recruit locally must ask: what makes us a place where talent wants to build a career? Company culture might seem like a buzzword for some, but for the generation of upcoming talent, it is a growing consideration factor.

Being part of a company that clearly defines expected behaviours for fostering a united workforce, actively values and rewards its employees and implements strategies to elevate success can not only boost an individual’s career trajectory, but also improve their quality of life.

Interestingly, the survey placed remuneration comparatively low in the hierarchy of development levers. This suggests firms view pay as a necessary baseline but not the primary driver of development. Instead, factors such as wellness support, career-path clarity and culture were rated higher.

Boiling this sentiment down to those considering the career and those at entry level, this result reflects the findings of McKinsey’s 2022 research, ‘The Great Attrition is making hiring harder. Are you searching the right talent pools?’, that revealed those in the 18-24 age bracket: “Mostly unencumbered by dependents, mortgages and other responsibilities, this group emphasises flexibility, career development and advancement potential, meaningful works and a community of reliable and supportive people, with compensation far lower on the list.”

At the same time, professional development and training were ranked lower – suggesting organisations believe the framework (structure, culture, clarity) must be in place before training alone delivers full value.

What makes a rising star?
This is a multifaceted question, but let’s look at the survey’s clear hierarchy of attributes. First and foremost: industry knowledge. In Bermuda’s re/insurance market, where underwriting expertise, risk transfer structuring and alternative capital interplay, deep domain mastery is essential.

Then comes leadership potential; organisations are not simply seeking static players but those who can lead teams, influence strategy and shape the future. Innovation and creativity, in  third slot, indicates that firms expect rising talent not only to execute but also to reimagine how the business operates.

Technical expertise remains important but is ranked behind leadership and innovation, suggesting that, while necessary, it is not viewed as the primary differentiator at this stage – perhaps partly due to an expectation of a foundational level of expertise for entering the profession.

Client relationship and communication skills are also valued but rank lower, implying these may be developed over time rather than being the immediate defining traits of a high-flyer.

At the bottom of the list come strategic thinking/business acumen and adaptability/resilience, the perception being that which traits might  mature over the course of a career rather than define its early stages.

Putting it together: guiding principles for Bermuda’s talent agenda
For Bermuda’s re/insurance firms – operating at the intersection of global risk capital, specialty lines and insurtech – the survey findings translate into several key imperatives.

First: continue to bring in experienced professionals from outside who add niche skills, global perspective and fresh energy. But this must be balanced with the internal growth agenda: firms must actively become “factories” of talent, building the career pathways, culture and structures that retain and develop existing and future professionals.

Second: sharpen the internal talent architecture. This means clarifying career-path mapping, showing how rising talent can move from one role to another, cross-functional exposure, mentorship and visible leadership opportunities. In a small jurisdiction such as Bermuda, where turnover can be costly and the pool finite, those internal structures matter.

Third: culture, purpose and wellbeing increasingly matter. Firms that articulate a unique identity – one that emphasises innovation, collaboration, global exposure and wellbeing –  will be more attractive in the global war for talent.

Fourth: while training, professional development and wellness support might rank lower in immediate considerations, they should not be neglected. With risk types evolving rapidly, including climate, cyber, parametric and insurtech, up-skill programmes remain a strategic necessity.

Finally, for individuals aspiring to become rising stars: master the business, show early leadership potential and bring creativity to problem-solving. Those who combine deep industry knowledge, initiative and fresh thinking will stand out in Bermuda’s re/insurance ecosystem.

As the global war for insurance talent intensifies, Bermuda’s competitive edge will lie not only in its regulatory environment or market sophistication, but also in its ability to evolve as an employer, one that draws talent in and develops it from the inside out.

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