The date has now been set for the 2016 running of the Bermuda Convergence 2016 networking event, with the ILS Bermuda steering committee announcing that this year will see the event held in Hamilton, Bermuda on November 9th and 10th.
The Convergence 2015 event saw over 300 delegates attend, with 59% of attendees representing from 15 different countries including Australia, Canada, Cayman Islands, Columbia, Italy, France, Germany, Hong Kong, Japan, Monaco, Switzerland, the United Kingdom and the USA.
Greg Wojciechowski, CEO of the Bermuda Stock Exchange, and ILS Bermuda Chairman, commented; “On behalf of ILS Bermuda I am delighted to announce the dates for the fourth Bermuda Convergence networking and business development event.
“We continue to look for ways to enhance the Bermuda Convergence event experience while concentrating on creating additional business development initiatives. Attendees at Bermuda Convergence 2016 will experience the insights of industry leaders and have opportunities for networking, discussing upcoming renewals and market relevant trends.”
Bermuda remains a go-to jurisdiction for domiciling, servicing and transacting in insurance-linked securities (ILS) and catastrophe bonds, with its market share growing in 2015. Bermuda Stock Exchange (BSX) listings of cat bond and ILS structures passed $19.2 billion at the end of 2015, representing a significant slice of the market at over 70% of the outstanding cat bonds in the Artemis Deal Directory at the time.
“The annual Bermuda Convergence event has become a regular agenda item in the industry and we are happy Bermuda is home to one of the top annual information and business development events for ILS and the alternative reinsurance industry, while providing a platform to encourage commercial activity for ILS and alternative reinsurance. The annual Bermuda Convergence event also contributes to the Bermuda economy – from hotel accommodation to revenue generated for local companies. In 2015, the event contracted 24 local companies, 85 local resources and contributed almost half a million dollars to local companies,” continued Wojciechowski.
Kathleen Faries, Head of Tokio Millennium Re Bermuda and ILS Bermuda Deputy Chairman, added; “Bermuda continues to be at the center of the steadily growing ILS market with over 75% of outstanding volume at the end of 2015. This year promises further development and expansion of the market so we expect there will be no shortage of topics and opportunities for our guests to discuss at our November networking event.”
At the Convergence 2015 event, Premier of Bermuda, the Honourable Michael Dunkley stated; “Bermuda has a growing ILS market, which we believe will continue to evolve, providing not only catastrophe cover but also securitisation opportunities across the spectrum of insurance and reinsurance. We believe the ILS business is here because Bermuda has a renowned business infrastructure, first class service providers and a highly regarded regulatory environment.”
Bermuda continues to innovate in the ILS sector as well, a key topic discussed at the Artemis executive roundtable held to coincide with the Convergence 2015 event. With growth in registrations of special purpose insurance vehicles continuing and new start-up initiatives locating themselves in Bermuda, in order to access the global property catastrophe reinsurance space while benefiting from the ILS market hub, continued growth of alternative capital in re/insurance seems assured.
Brad Kading, President and Executive Director of the Association of Bermuda Insurers and Reinsurers (ABIR) commented recently; “In Bermuda we believe alternative capital is here for the long term, even though there will be some ebbs and flows. It can be put to work in a cat bond, a collateralized reinsurer, as a sidecar or in the industry loss warranty market. This capital is here, it wants to take on insurance risk and it has been doing it in the cat markets for more than 20 years.”
With the capital here to stay it needs access to service providers, structures, regulation and the fact that Bermuda provides this in a location that is a global reinsurance hub has helped ILS to flourish. The continuation of the ILS Bermuda Convergence events can only help to attract even more interest.
Artemis will, of course, be attending the event again in 2016 and we hope to meet more of the ILS market in Bermuda in November.
Keep up with developments on Bermuda Convergence 2016 over at the ILS Bermuda website.