Bermuda has an opportunity to become a major specialty re/insurance global hub in the same way that it is for property-catastrophe reinsurance, says Ardonagh’s top executive in Bermuda.

Chris Bonard, who as Bermuda chief executive officer has helped to build out Ardonagh’s Bermuda operations to now include insurance, reinsurance broking, capital advisory and a captive management segregated accounts company business in just three years, says innovation is the key to growth.

“Bermuda is moving to become a very strong specialty market as opposed to historically being a very strong property-catastrophe and retro market,” he says in a video interview with Bermuda:Re+ILS.

“If we can continue with that innovation, we are in a very strong place.”

“Bermuda has always been known for innovation. We’ve seen new products, new innovation. If you look at the crypto world, crypto currency and trading in crypto, they all require insurance. We have products such as intellectual property which wasn’t heard of decades ago.

“Bermuda is at the cutting edge and is using what it has always done in the past—using its jurisdiction and its ability to be very creative and attract the talent who can be creative.

“If we can continue on that route we will see a lot more mainstream specialty business come to the Island. If we can continue with that innovation, we are in a very strong place.”