A number of organisations based in, or with interests in, Bermuda have joined forces to promote the continued growth of Bermuda as a centre of excellence for the convergence of the reinsurance and capital markets under the banner of insurance-linked securities (ILS). The new member group is called ILS Bermuda and it aims to bring together the shared interests of participants in the alternative reinsurance, convergence and insurance-linked securitisation marketplace.
Bermuda with its history as a centre for global reinsurance has been a hub for the ILS and alternative reinsurance capital space since the market began in the mid to late 1990’s. Participants in the ILS Bermuda group include insurance and reinsurance companies, sponsors, investors, securities firms and investment banks, asset managers, regulators and service providers. All are engaged in the global capital markets and re/insurance with the aim of growing Bermuda as a hub for this innovative sector of the re/insurance markets.
The first initiative that the group has announced is a new conference to be held on the island on Thursday 14th November called Convergence 2013. This inaugural global insurance-linked securities event aims to bring together firms from across the spectrum of the ILS and alternative reinsurance space in one place to network, discuss issues and opportunities affecting the industry and provide a valuable get together where deal making will also be a focus.
“As the world’s leading jurisdiction for insurance-linked securities and collateralised reinsurance, Bermuda is a natural convergence hot spot and therefore an ideal host for this conference,” commented Kathleen Faries, CEO of Tokio Solution Management, a spokesperson for ILS Bermuda.
“ILS Bermuda brings together the shared interests of participants in the reinsurance and capital markets convergence marketplace. Our aim is simple: build and sustain businesses, promote job creation and lead economic growth in the convergence space in Bermuda. We believe this conference will become the marquee event for the ILS industry,” she added.
The creation of the member group and launch of the event has government backing in Bermuda. Dr Grant Gibbons, Minister for Economic Development, said; “We are excited about the creation of ILS Bermuda and the planning now underway for their first event, Convergence 2013, which will present the Island as the pre-eminent domicile for ILS. The Ministry of Economic Development is pleased to support this joint industry initiative, especially given its focus on developing new business and commercial opportunities for Bermuda organisations active in alternative reinsurance and insurance-linked securities.”
The Minister then commented; “This conference is exactly the sort of initiative from the Bermuda Business Development Corporation that we want to encourage as they actively engage with industry stakeholders. ILS activity in Bermuda has grown rapidly in the past few years and Bermuda has been independently lauded as the world’s top domicile. A combination of intellectual property, leading investor and reinsurance marketplaces, a tried and tested approach and the right listing and regulatory backdrop, provide for optimal conditions and competitive advantage for transacting insurance-linked deals. We want to continue building on this momentum – and believe that Convergence 2013 will cement Bermuda’s position as a leading jurisdiction in this space.”
The event is being modelled on popular industry events such as the Monte Carlo Rendezvous, so with a focus on bringing together leading industry participants with the focus being on deal-making, renewals, innovation and advancing the sector.
“Whether you’re a sponsor, investor or intermediary, Convergence 2013 will equip attendees with the latest industry insights and connections to help them build their business and succeed in the market. If there is one event to place on your business calendar for 2013 it’s this one,” concluded Ms. Faries.