Organisers of ILS Bermuda’s Convergence 2013 say they believe that the international attendees coming to Bermuda next week for the insurance linked securities (ILS) event will deliver a welcome economic boost.

Convergence 2013 should also showcase the island’s position as a centre of excellence for the creation, support and listing of Insurance Linked Securities, according to an ILS Bermuda press release. The event will be held on November 13 and 14 and organisers are expecting an audience of professionals interested in the growing insurance-linked investment space.

Seminars will be combined with networking opportunities at a purpose-built structure at Pier 6, on Front Street. “Convergence 2013 has been designed to allow visitors to mix business with pleasure, and the event ends in the evening of November 14 when attendees travel to the National Stadium for the World Rugby Classic.”

In addition, those at the event will hear a keynote speech given by Apple co-founder Steve Wozniak.

Dr Grant Gibbons, Minister of Economic Development is quoted, saying: “In 2011 and 2012, Special Purpose Insurers (SPIs) represented 43 percent and 51 percent of BMA company registrations, showing record highs and underscoring the increasing importance of ILS business to the island. This business is attracting foreign investment as well as creating jobs and increases economic activity in all sectors of our economy.”

He said the event will provide leading-edge information and education on ILS, build awareness, understanding and synergies among event delegates.

He added that it “will provide further opportunity to allow Bermuda to demonstrate its expertise and global presence in the sector and the distinct advantages to facilitating business here”.

Bermuda Stock Exchange chief executive officer Greg Wojciechowski, who is on the Convergence 2013 organising committee: is also quoted. He said: “We are delighted to welcome this high calibre group of insurance professionals to the first Convergence 2013 event and to showcase the work Bermuda has undertaken to create a centre of excellence in the global insurance-linked security space. In addition a fantastic tangential benefit will be a very welcome boost to Bermuda’s economy as this event will add to the number of people visiting Bermuda during a very busy period. We understand that only a few hotel rooms are left on the island, other businesses such as restaurants and retailers stand to benefit from the increased spending associated with the event.”

ILS Bermuda described the growth of ILS listings on the island as “exponential”.

“From a standing start in 2009, Bermuda reached a new milestone this year when for the first time $8.5 billion of ILS was listed on the BSX. The pace of ILS listings on the BSX has been highly impressive, with the $8.7 billion of listings representing a rise of more than 60 percent from the start of this year alone.”

Richard Moseley, CEO, HSBC Bank of Bermuda Limited, is quoted as saying: “As a jurisdiction, Bermuda is well positioned to compete in the global economy and we’re seeing good opportunities in several key sectors including the Insurance Linked Securities market. Convergence 2013 is an opportunity for leading decision makers to meet, learn, discuss strategies and build corporate relationships.”

Dr Gibbons concluded that Bermuda has traditionally been at the forefront of new trends in the risk industry and Convergence 2013 will help to enhance the island’s reputation as the world’s risk innovation capital.