The date has been set for a 2014 event to promote Bermuda’s economic development as a centre of excellence for activities in the reinsurance convergence and insurance-linked securities (ILS) market by the ILS Bermuda committee.
The second in this series, after a successful Convergence 2013 event last November, Bermuda Convergence 2014 will be held November 12th and 13th at the Pier 6 complex on the waterfront in Hamilton, ILS Bermuda Ltd has announced.
The ILS Bermuda committee expects a lively mix of panelists at Bermuda Convergence 2014, an exciting keynote speaker as well as opportunities for networking followed by an evening at the World Rugby Classic.
The inaugural Convergence 2013 event held last November was hailed a major success, drawing more than 280 delegates from around the world and helping to cement Bermuda’s position as a global leader in reinsurance – and top domicile for insurance-linked securities (ILS).
With ILS expected to represent $100 billion of reinsurance capacity in the next five years, the consensus is that the market is here to stay. Today, the ILS market is estimated at about $30 to $40 billion, close to 15% of the property catastrophe reinsurance market, according to ILS Bermuda, and this share continues to grow at a rapid pace.
“The year 2013 represented a watershed moment as the capital markets converged on reinsurance en masse,” said Arthur Wightman, Insurance Leader, PwC Bermuda and ILS Bermuda committee member. “ILS funds performed very strongly, and reinsurers provided diversity in the solutions provided to risk managers hedging largely property catastrophe portfolios of risks. Bermuda is leading the way in innovation in reinsurance and looks forward to hosting leading lights of the industry at Convergence 2014 in November.”
Greg Wojciechowski, CEO, Bermuda Stock Exchange, and ILS Bermuda committee member, added; “Bermuda continues to lead the way in offshore jurisdictions, which is clearly evident in the ILS space, with over $9 billion of Insurance Linked Securities listed on the Bermuda Stock Exchange and the formation of a record 51 SPIs in 2013.”
Bermuda Monetary Authority figures show that new registrations increased across all market sectors in 2013 with alternative risk transfer sectors of the market showing the fastest growth. By the end of 2013, out of the $21.0 billion of global ILS issuance, $9.2 billion was sponsored by Bermuda-based SPIs, representing 41% of the world-wide stock of ILS.
Jason Carne, Head of ILS & Managing Director at KPMG Audit Limited in Bermuda and ILS Bermuda committee member commented; “Following on from the success of last year’s event, we are thrilled to host Bermuda Convergence 2014. Bermuda is clearly the market leader in this space and this will be the event for all those involved in the alternative risk market – insurers, reinsurers, investors, investment bankers, regulators and service providers.”
Keep an eye on the ILS Bermuda website for details of the Bermuda Convergence 2014 event as they become available.