Editor’s note
Bermuda’s smorgasbord of diverse talent
“Executives are examining their hiring and corporate procedures to identify hidden biases.”
The Summer issue always offers an interesting opportunity to chart the progress of Bermuda’s drive for gender diversity. Since 2015, Bermuda:Re+ILS has celebrated the huge contribution made by the women of Hamilton, members of Bermuda’s re/insurance industry who serve at every level including, in increasing numbers, the highest.
As L&G Re’s new chief executive officer Amy Ellison tells us in this issue, the culture of Bermuda business is clearly geared towards achieving gender equity, and it has made significant strides towards this goal. It is true that the path of human progress—like true love —never did run smooth.
There is evidence that the burden of COVID-19 has fallen disproportionately on women, setting things back in some cases. Looking at a slightly longer time horizon, however, the trajectory is absolutely clear: in recent months the Island has welcomed several more senior female executives, and the faces around the boardroom tables of Bermuda’s re/insurers have never looked so representative of the communities they serve.
There is still much to do—especially, as several women have noted in the following pages, when it comes to promoting racial diversity—but there is no doubting the industry’s commitment to improving in this area. A growing number of initiatives, at individual company and the broader industry levels, are focused on clearing the path into the industry for young and talented Bermudians. Executives are examining their hiring and corporate procedures to identify hidden biases and other obstacles blocking their advancement.
There is truly a smorgasbord of talent in Bermuda and company bosses are keen to sample the full variety of flavours on offer. Our survey on the challenges of hiring young talent in Bermuda outlines some of the reasons for there to be a frustrating lag between deciding to hire more local talent, and being successful in doing so. It also clearly lays out why managers are so motivated to overcome these challenges.
Going digital
Another much talked-about trend in the industry is the push towards digitisation, and our survey on this topic gives an interesting snapshot of the progress Bermuda has made in the area. Yet again, the picture is of a work in progress. Advances have been made, but accepting the benefits of investing in improved digital infrastructure is only the start of the process, and fully realising these benefits will take time.
Nearly everyone acknowledges that the industry has made some progress in this area, but a significant number appear to be underwhelmed. Yet again, some measure of patience is required here: it is easier to identify a goal than to achieve it. Perhaps one silver lining of the COVID-19 pandemic will be the effect it has in terms of serving as a catalyst for the increasing digitisation of the industry.
In the second issue of the magazine since we launched the new life re section, we commemorate the occasion of BILTIR’s 10th anniversary with an interview with two of its chairs, past and present. BILTIR is another example of Bermuda’s ingenuity and success, and the collaboration between business and regulators which has made the Island such an attractive place to do business.
These are exciting times for the industry, and BILTIR—just like ABIR and other associations and businesses in Bermuda—will face as many challenges over the next 10 years as it has over the last decade. With its highly talented and increasingly diverse workforce, however, there is no doubt that the future looks bright.
Solomon Teague, editor
Wave image: Bermuda Tourism Board
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