Q5: ANY FINAL THOUGHTS?
“I am unapologetically pro-Bermuda and an advocate of Bermuda.”
Dunleavy: I am unapologetically pro-Bermuda and an advocate of Bermuda, and the Island has a lot to offer post-COVID-19. People are looking for a place to do business face to face and get the true benefit of those serendipitous meetings and conversations that happen, which is where some of the great ideas come from.
The government has responded well in trying to encourage and help facilitate that through and my hope is that the value of that goes way past whenever we get a vaccine.
Seth: We continue to have a very vibrant industry in Bermuda, very well diversified—it’s more than just property cat, there’s a much broader industry. We have a vibrant legacy or run-off market now, there is also the life industry that has developed over the past few years.
We have the ILS industry, and looking into the future, the government is doing a lot to develop that digital economy as well. When you put that altogether, we have a very well diversified and exciting marketplace in Bermuda.
It is all predicated around the efficiency of bringing risk and capital together. It’s a great place to work and if you’re looking to invest in this industry you should definitely consider Bermuda.
Huff: Keep an eye on the Bermuda success story. Twenty-five years ago in Florida when established carriers did not like the volatility of catastrophes in Florida the model shifted to smaller insurers that are heavily reliant on Bermuda reinsurance. It solidified Bermuda’s position in the US. Look for that model and potential for that model to be replicated.
If you look at California right now with wildfires, they’re going through tremendous efforts for affordability and accessibility of coverage and there are opportunities to replicate that Bermuda model.
Brown: We continue to believe that Bermuda is going to play a key role in risk transfer—property/casualty, life and ILS—we have a great group of talent here, and sound regulation.
It’s nimble and agile and has the ability to react quickly to market conditions, so it’s a very bullish Bermuda market.
Simons: As a Bermudian I’m proud of how the community has come together in these difficult and trying times. I’m proud of how our government has handled the pandemic.
I’m proud of our industry and how we’ve been able to continue to support our customers and service their needs and be a good partner.
Bermuda has demonstrated that we’re the gold standard and it makes me feel good about our standing today in the global economy, certainly within our sector of insurance and reinsurance and financial services.
We can give ourselves a pat on the back and be very proud of what we have accomplished.
Image courtesy of Shutterstock / Alex Emanuel Koch
“We have a great group of talent here, and sound regulation.”