The Association of Bermuda Insurers and Reinsurers (ABIR) has launched a new working group focused on insurance-linked securities (ILS) and alternative reinsurance capital.
ABIR has set up a range of working groups and committees focused on key issues and opportunities facing the insurance and reinsurance market, with the goal of ensuring the Bermuda market is ready to respond to them and capitalise on chances to grow its lead.
“ABIR has a deep bench of talented, re/insurance executives willing to lead on important regulatory, policy and international industry initiatives,” ABIR Chair and Arch Capital Group CEO Marc Grandisson explained. “I’d like to thank our tremendous industry talent for stepping up to lead the collective efforts of Bermuda’s international re/insurance market. With this team in place, Bermuda is well positioned for the upcoming market opportunities around the world.”
Most relevant for our readers is the newly established ILS and Alternative Capital Working Group, to which Andrew Hughes, CEO, Third-Party Capital at Partner Re, has been appointed as leader.
Bermuda is already a world-leader in the insurance-linked securities (ILS) space, with the majority of the world’s catastrophe bond and ILS transactions domiciled there and a significant share of the ILS market’s asset base managed from the island.
The working group will help to ensure Bermuda is up to speed on developments and ready to capitalise on new opportunities in the ILS market.
ABIR has also established a Policy Committee which will review public policy and re/insurance regulation in Bermuda and internationally, interacting closely with the ABIR Board.
The Policy Committee will be led by co-chairs Edward Mishambi, SVP, Chief Risk Officer – Europe, RenaissanceRe and Gemma Carreiro, General Counsel, Hamilton Insurance Group, with Deputy Chair Tim Peckett, General Counsel, Arch Reinsurance Ltd. It is staffed by Suzanne Williams-Charles, ABIR Director of Policy & Regulation, Corporate Secretary and Data Privacy Officer.
An ABIR Cyber Working Group will advise on cyber insurance and reinsurance market trends and products and will be led by Co-Chairs, Devin Page, Head of Specialty Reinsurance, Hiscox Re and Allen Wilson, Chief Information Security Officer, Axis Capital.
The ABIR Human Resources Working Group will focus on talent and culture and be led by Co-Chairs Lisa Robinson, Head of HR & Operations, Convex Re and Randolph Simons, VP, Senior HR Business Partner – Global Reinsurance/Director, Compensation and Benefits, Chubb.
The ABIR Data & Privacy Taskforce will be chaired by Jim Paugh, General Counsel, Chubb Bermuda.
The ABIR Climate Risk Committee will advise the membership on climate-risk related issues globally and also help to coordinate the work of ABIR with the Insurance Development Forum. It will led by Chair Jeffrey Manson, SVP, Head of Global Public Sector Partnerships, RenaissanceRe.
Finally, the ABIR Diversity, Equity & Inclusion Committee will be guided by Catherine R Duffy, Country Leader, AIG.
“ABIR continues its rich history of international leadership in re/insurance markets with the appointments of these global executives,” commented John M. Huff, President and CEO of ABIR. “These accomplished leaders represent the best of the innovative and entrepreneurial spirit of Bermuda’s leading insurers and reinsurers, which are vital to maintaining global economies around the world.”