Welcome to Artemis’ sixth Bermuda-focused insurance-linked securities (ILS) executive roundtable, held virtually for the second year in a row owing to ongoing pandemic-related restrictions.
Despite the impacts of the Covid-19 pandemic and subsequent restrictions on travel and face-to-face meetings, Bermuda attracted a significant amount of startup capital in 2020, ahead of expected reinsurance market firming.
At the same time, Bermuda is still the favoured jurisdiction for catastrophe bond issuance, evidenced by a record breaking 2020 for this sub-segment of the ILS space. However, there’s now more choice than ever for sponsors with new jurisdictions, notably in Asia, increasingly looking to grow their market share.
With this in mind, participants highlighted Bermuda’s robust risk transfer infrastructure, adaptive regulatory environment and ability to innovate, and explored what the island must do to ensure it continues to win new business.
While the pandemic has grabbed the headlines for the past 18 months or so, climate change remains and as the conversation has intensified, the universe of sustainable and responsible investing has expanded and is now often debated in the ILS space, and our roundtable was no exception.
Alongside rising ESG demand and also elevated demand from more traditional investors, the longevity of current market conditions was questioned, as was the potential for the trapping of capital from Covid- related business interruption uncertainty.
Thank you to our Roundtable partners: Ocorian, Appleby and Property Claim Services (PCS).
For this year’s Bermuda ILS executive roundtable we were joined by the following participants from across the industry:
- Tom Johansmeyer, Head of PCS.
- Sherman Taylor, Executive Director, Ocorian.
- Brad Adderley, Partner at Appleby, Bermuda.
- Aurora Swithenbank, Chief Financial Officer, Vantage.
- Darren Redhead, Chief Executive Officer, Lancashire Capital Management.
- Kathleen Faries, Chief Executive Officer, Horseshoe.
- Aaron Garcia, Portfolio Manager, Hiscox ILS.
- Richard Lowther, Managing Partner, Integral ILS.