Peter Dunlop: Life reinsurance business is increasingly a focus of ILS and we are seeing startups in that space go elsewhere because of improved regulatory capital requirements in those jurisdictions. The problem for Bermuda is that competing with other jurisdictions on regulatory capital requirements becomes a race to the bottom.

We want to avoid that. We need to maintain high standards; we want to be a responsible jurisdiction that will as a central focus ensure that our insurers can and always will pay claims.

Taijaun Talbot: We need to always be looking at ourselves and asking how we can be better and more responsive. In 2019, we made some wholesale changes to our framework but those were the first in a long time. We need to ensure we remain innovative and responsive. I always say to the team we need to be moving fast, to stay on the front foot as much as possible.

If we can make a regulatory framework that works for the market, we have the experience and expertise to grow along with the market. That is more important than looking at the rest of the world.

Laura Taylor: You’re right. When we did our first transformer vehicle it took about a year. But it was a partnership between us and the BMA to find a way to get it done. It required balancing risk tolerance and innovation and they were willing to invest the time to understand what we were looking to do while helping us innovate and maintaining strong governance.

Helen Souza: This is very important in Bermuda. Even though some of us may compete in business, we all stand shoulder to shoulder to ensure the success of the industry and the success of Bermuda. It is important that we do not become complacent. Our ability to stand together and innovate is the reason we continue to be the epicentre of risk and successful.

Craig Redcliffe: I agree—complacency is something we cannot afford. We need to continue with that same relentless focus we have had over the past decade. There are always competitors looking for us to make a false step.

We’re doing all the right things. Our regulator is very balanced and well respected worldwide, we have proximity to key insurance markets, a large pool of talent in both insurance and asset management which are both important to ILS, among many others. We just need to continue with that focus.

Bermuda has been known as an innovative jurisdiction—that is something we cannot lose.

Kathleen Faries: Bermuda needs to be thinking about the future. Things are evolving. We need data scientists in Bermuda, we need developers and young people who are passionate about climate risk. There’s an opportunity, but it’s also a risk if nobody’s focused on it. We have to give young people a reason to stay in Bermuda when they graduate.

The industry is evolving and so is the talent we need. If Bermuda is about the expertise and experience of the talent based here, we have to keep evolving.