Huff: It’s just like the realtor who keeps saying “location, location, location”. The theme you’ve just heard is “talent, talent, talent”. It’s the talent in Bermuda that will push us and give Bermuda the edge whether that be on the regulatory side or in startups.

2021 is going to be a tough year for both ILS and the traditional side. Looking into renewals, the reinsurance retro side will likely drive the 2022 rate, which is a change from the past. You’re just seeing the additional cost of capital and the cost of volatility come through.

Wojciechowski: My hope for 2022 is that the momentum we’ve seen at the end of 2021 continues. As of September 30, we had 719 ILS vehicles representing about $50 billion of risk, or about 95 percent of what’s issued in the global market. I’m just delighted to be working at a company that’s supporting global ILS growth.

Also, being a capital markets platform operator, we’d love to see some secondary market trading, which is done on a “lite” market, not so much over the counter. If we can continue on this path, it’s not only good for Bermuda, it’s also good for growth.

I tip my hat to the people that started down this ILS path back in the mid-2000s, those who had the vision to push this as an innovative solution for Bermuda. If we continue to focus on innovation, what clients want and providing solid platforms in a well-structured regulatory framework, we will succeed. We are well positioned to continue to innovate and provide solutions in the future.

Hull: The retro market will be dislocated, or at least very distressed, on January 1. That will cause traditional reinsurers to seek capacity elsewhere, as they did in 2019 and 2020. So you could see many more aggregate property-cat bonds going into the 144A market.

On that note, the capital markets will continue to grow their appetite. I could see it starting to compete more with traditional players, particularly for middle layers. In the past 10 years, we’ve seen the expected loss go from 2 to 3 percent, indicating that things are getting riskier. I could see that trend continuing as well.

Last, at the end of 2021 and 2022, climate change risk quantification will take hold. Every fund that wants to win new mandates will be required to quantify climate change risk in its models.

Adderley: We will see a lot more new risks being written in the ILS space and potentially also with different currencies. We could see non-cash crypto coming to this space, especially as a space where people struggle to buy policies right now. Next year we might see one or two vehicles that are trying to solve this problem.