Bermuda must battle to lead captive pack
Bermuda needs to make sure that it stays at the forefront of the global captives industry by continuing to lead in places like innovation, intellectual capital and regulation, a panel at the Bermuda Captive Conference stressed.
At a session entitled “60 Years in the Making: Bermuda – Capturing and Being the Insurance Domicile Leader”, the panel pointed to the rich history of insurance on Bermuda, dating back to Bermuda’s first insurance policy, which was written in 1784.
Grainne Richmond, executive vice president - head of captives, Aon Bermuda, gave a potted history of insurance on the island, including its steady development to the current landscape.
Richmond and other panel members, including moderator Helen Souza, business development manager at the Bermuda Business Development Agency; Suzanne Williams-Charles, director of policy and regulation at the Association of Bermuda Insurers & Reinsurers; Patrick Tannock, chief executive, insurance operations, XL Bermuda and chairman of the Association of Bermuda International Companies; and Anna Pereira, senior vice president – ILS, Strategic Risk Solutions, all agreed that Bermuda’s position in the market can only be maintained if it continues to maximise its strengths.
The panel especially highlighted the activities of the Bermuda Monetary Authority (BMA), which was praised for its pragmatism and responsiveness, adapting to changing circumstances with speed and certainty.
The BMA’s decision on Solvency II equivalency was discussed, with panel members noting that the BMA is highly regarded by regulators around the world for its open-mindedness.
However, Tannock made a firm appeal for Bermuda to keep the future in mind, calling for the industry to embrace diversity and inclusion, which he said could give Bermuda a chance to lead the entire insurance industry in those two areas.
“That’s a big thing right now,” Tannock said. “We’ve got to go from talking to execution, moving away from the ‘why’ to making it core to the industry.”