Positive mood as Bermuda prepares for RIMS
Optimism and expectations are high that Bermuda can put on a favourable showing at next weeks Risk Management Society (RIMS) conference in Los Angeles.
With an expected 10,000 attendees representing insurance and reinsurance interests from around the world, Bermuda is seeking to maintain the high profile it has achieved at past RIMS events, which can act as a shop window for potential customers looking for business and investment opportunities.
More than 100 people from the Island are heading for the US West Coast to play their part in attracting interest Bermudas way. Among those representing Bermuda will be Government officials, Bermuda Monetary Authority directors and executives from leading on-Island insurance and reinsurance companies.
With so many competing jurisdictions also in attendance, Bermudas representatives will be working to keep the Island, and what it has to offer, highly visible.
There will be a Bermuda-hosted cocktail party event, which in past years has provided a networking space to drum up potential business for the Is
Delegates wearing distinctive Bermuda shorts, and the colourful Bermuda bags handed out from the Islands conference booth, all go towards making Bermuda stand out from the crowd.
And with economic signs improving in the US, there is an anticipation that this year could be a particularly fruitful one for picking up new business.
We see this as a particularly exciting RIMS, because finally there are signs that the US economy is in recovery.
For years, weve sensed that people have been holding back on the formation of captives and this mood of optimism we see, can translate into more business for Bermuda, said Roger Gillett, chairman of the Bermuda RIMS committee.
The Bermuda market remains a compelling product for buyers of captive insurance, especially because of the other business opportunities they find here.
We have a great story to tell. Bermuda is still unique in the range of products that it offers. In an increasingly competitive marketplace, we remain leaders as a captive domicile, as a market for insurance and as a market for reinsurance.
That is significant. No other captive domicile can say that — that they also have globally significant insurance and reinsurance communities.
Mr Gillett said Bermudas position as a leader in the field of captive domiciles, insurance and reinsurance was a major draw for the Island, adding: We have companies with capital strength and industry expertise. Our markets offer stable capacity and innovation and are known for their claims paying ability.
This is the principle message we take to RIMS. This is how we differentiate ourselves from our competitors. It is our unparalleled excellence in global risk financing.
The four-day RIMS conference at the Los Angeles Conference Center starts this Sunday.
Mr Gillett said: We are hoping that the economic recovery will assist us in the development of this business and we will be pushing hard to make sure that we maximise every opportunity that that might bring.
We have a very strong team going to RIMS — not just in numbers — but also in depth of experience. This is another feature of the Bermuda market that we look to emphasise: No other domicile has the depth of experience in all three of our major product lines. This is very apparent at RIMS.
Those who attend RIMS for the first time are usually amazed by Bermudas high profile. We are not just noticeable by many of us who wear Bermuda shorts, but also by the seniority and numbers in the delegates from Bermuda.
Beverley Todd, executive vice-president in the Bermuda office of insurance management services company JLT, will be at RIMS. The firm intends to have its own booth at the conference and will also be visiting the Bermuda booth. JLT representatives would be meeting with existing clients and also making contact with other potential clients on the companys prospect list.
Ms Todd said: We always go with an optimistic outlook. Im involved in putting together mini-seminars to promote Bermuda so that we keep the Island at the forefront.
The Islands meet-and-greet cocktail party, and the bright conference booth with its distinctive complementary Bermuda Risk Capital of the World bags are initiatives that play an important role in keeping Bermuda at the forefront of delegates minds, according to Ms Todd.
If we werent at RIMS everybody would notice and ask, Where is Bermuda? she said. It is important to have Bermuda representatives at the cocktail event, and people who come along know that there is going to be a big, bright, colourful Bermuda bag [to collect] at the booth. It is a very effective marketing tool.
Also attesting will be representatives from the Bermuda Monetary Authority (BMA). Craig Swan, insurance supervision director, said: The Bermuda Monetary Authority is pleased to continue to support the annual RIMS conference. As Bermudas regulator, it is important for the Authority to be on hand at RIMS to answer any questions that prospective clients may have about Bermudas practical regulatory environment.
This is especially important due to Bermudas unique position of being able to service the full spectrum of insurance: from traditional commercial insurers and reinsurers; to captives; to special purpose vehicles like catastrophe bonds, side cars and other alternative capacity structures.
The BMAs Shanna Lespere, international affairs director said: Attending RIMS is also a great opportunity to nurture existing relationships and build new relationships with market participants, with whom we can discuss industry trends and how Bermuda can continue to meet the needs of the international insurance industry.