ILS
Nurturing the next generation of Bermudan talent
Under a new internship scheme developed by ILS Bermuda and Bermuda College a student successfully completed an internship at Integral ILS last summer. The people involved spoke to Bermuda:Re+ILS about their experiences.
“It was a very clear win-win scenario for us.” Adriaan van der Merwe, Integral ILS
In 2021 the first internship programme run by ILS Bermuda in partnership with Bermuda College was completed. Hosted by independent alternatives investment manager Integral ILS, it marked a key step in an initiative that has been running since 2017 with the aim of expanding awareness and knowledge of the alternative reinsurance and insurance-linked securities (ILS) industry and furthering the potential of Bermuda College students entering the job market.
The first step towards the internships was a shadowing programme in partnership with Marsh; following this, Integral ILS hosted the first full internship, in which Isaiah Cabral, a Bermudan student at Bermuda College, worked at the company from August to November 2021. Isaiah is delighted with the experience gained during his time there.
“The opportunity to work at Integral alongside its employees was one of the best opportunities I have received so far in my life,” he says. “I was able to gain vital work experience and an understanding of how an office works on a day-to-day basis. I gained an understanding of how I can make it easier to make connections with people to help me feel more comfortable, what goes on during a normal day in an office, and also some stressful yet exciting days which surround an ILS firm during a catastrophic event—I was in the office during the time Hurricane Ida hit Louisiana.
“Every day I learned something new about someone I worked with, the ILS industry, or an event happening around the world. But I feel the most important thing I got out of this experience is that I was able to learn more about my future career as well as myself.”
Integral is a Bermuda-based ILS fund manager launched in July 2020. Its leadership recognised the value of offering an internship and worked to ensure it was beneficial for Isaiah and for the company.
“As a fast-growing startup we saw this internship programme as a great fit for us,” says Adriaan van der Merwe, chief financial officer for Integral ILS. “Integral needed all the hands we could get as a startup and at the same time we were pleased to provide this opportunity for young Bermudans and provide valuable experience in our industry. It was a very clear win-win scenario for us.”
He adds that with Bermuda at the forefront of ILS asset management, it’s important to maintain its leadership position by developing the next generation of young Bermudans and fuelling the spirit of innovation that first attracted ILS to the Island.
“As a newer ILS asset manager, we can give an intern a unique introduction into the world of ILS and fund management, as well as the overall insurance and reinsurance industry,” van der Merwe says.
“The small size of our team and close working relationships provide an intern with insight into the whole process from risk sourcing, pricing, and portfolio allocation as well as finance, valuations, compliance and investor relations. To get similar experience in a traditional re/insurance company would entail a lot of departments and logistics. For us it was very important to give the intern insight and experience with all of our team and functions.”
“We run education sessions on the ILS market as well as resumé workshops.” Michael Coles, ILS Bermuda
Positive takeaways
Michael Coles, co-chair, education and sponsorship for ILS Bermuda, agrees that it’s vital to nurture Bermudan talent.
“Bermuda is the leader in ILS,” he says. “The aim of the programme is to create equal opportunities for Bermuda College students and other Bermudan s who go to college and universities around the world. The core aim is to create opportunities and open the door for students within the local ILS marketplace.
“Our ultimate goal is to see Bermudans running these companies, and the opportunities we are creating today are planting those seeds.”
As part of the programme, students are given complimentary attendance at the ILS Convergence event, where they are paired with a mentor to help them get the most out of the sessions and networking opportunities. After the event, the students have an opportunity to participate in an essay competition.
“That’s a great way to solidify the knowledge they have gained during the conference and an opportunity for them to stand out and use their essays as a starting point for dialogue that can lead to other opportunities,” says Coles.
“After the event, we run education sessions on the ILS market as well as resumé workshops, so the students are equipped to start interviews for the summer internship programme.”
ILS Bermuda and Bermuda College provided Integral with resumés for the Bermudan applicants and Integral interviewed everyone who showed interest in the position.
“Isaiah stood out for his humility and great attitude to gaining experience,” says van der Merwe.
With Integral ILS still in full startup mode, Isaiah joined the company at a busy time. During the internship, he worked closely with van der Merwe on building out dataflows for ILS fund valuation processes.
“We were very impressed with how quickly Isaiah proactively added to his skills,” says van der Merwe. “Rather than get bogged down with something he did not know, Isaiah would research and find solutions. The practical experience he developed in Microsoft Excel and other applications will potentially give him an additional skill to gain great entry into another job, even in a different industry.
“He also assisted us with our compliance programme and was involved in research projects for our investment team, specifically looking at California wildfires.”
He adds that he was impressed by Isaiah’s eagerness learn and to assist the team with any task they presented.
“The positive attitude Isaiah demonstrated in the interview process bore real fruit for us as he fitted in very well. Isaiah wrote us a letter at the conclusion of his internship that I count as one of the most humbling experiences of my professional career.
“His gratitude for the opportunity was one of those moments where you realise what an impact—positive or negative—we can make on young people and their careers, especially in a small community like Bermuda.
“Not wishing to speak for Isaiah, I would hope that, other than some new practical skills, the most valuable takeaway was breaking down some of the preconceived notions about working in an office environment. As a young person looking in on our industry from the outside, it may not appear to be particularly exciting.
“I hope having experienced a team that truly enjoy working together and seeing first-hand how relevant social issues such as climate change impact our industry might leave a lasting impact.”
Isaiah says the internship did indeed help crystallise his ambitions for future employment.
“During my time at Integral ILS, a lot of the uncertainties I had about what I wanted to do with my life became a lot clearer,” he says. “Going into this experience my goals were very simple: to graduate from university, obtain my CPA and become an accountant and then work in the international business industry in Bermuda.
“I had doubts over whether I believed I could see myself working a desk job—I wasn’t completely sure it was right for me. My time at Integral changed that whole thought process within a week. I enjoyed every assignment I was given and the doubts I had disappeared.
“For me, this became not only a career-changing opportunity but a life-changing one. I was able to learn a lot about myself, and what others see I am capable of, which has allowed me to expand my career ambitions.
“I was able to see that with determination and hard work, I can potentially take my career to become a chief financial officer or even a chief executive officer at a company,” he says.
Coles adds his praise for companies such as Integral and Marsh, which have fully invested in making the internship a beneficial experience for all involved. Looking to the future, he hopes many other companies will follow their example.
“It’s very easy for an ILS manager to donate money to a cause in Bermuda. It’s exponentially harder for a chief financial officer of an ILS manager to spend months training and empowering a Bermuda College student.
“What they were able to do last summer was priceless. We just hope that many others will follow suit.”
“I enjoyed every assignment I was given and the doubts I had disappeared.” Isaiah Cabral
This year, ILS Bermuda is offering three internship opportunities as part of its annual programme, in partnership with Horseshoe, Integral ILS and Neuberger Berman. To find out more contact convergence@ilsbermuda.com
