Record attendance for ILS conference
An annual conference on insurance-linked securities this year attracted a record 340 delegates, organisers said yesterday.
More than half the attendees at the ILS Bermuda Convergence meeting last week were from overseas, from as far afield as Australia, India and Europe.
Greg Wojciechowski, ILS Bermuda chairman and chief executive officer of the Bermuda Stock Exchange, said: “During these very uncertain times, Bermuda’s position as the world’s risk capital and our ability to provide a solid commercial platform supported by world-class infrastructure and a well-respected regulatory framework contributes directly to Bermuda’s position as a centre of excellence for the creation, support and listing of insurance-linked securities vehicles.”
The island continues to maintain its position as the top jurisdiction for ILS issuance, with the BSX accounting for more than 75 per cent of the global market capitalisation of ILS at the end of last month.
A report commissioned by the Bermuda Business Development Agency earlier this year estimated a total economic impact of $734 million from Bermuda-based insurance-linked funds.
And the ILS industry generated at least 400 jobs on the island by the end of last year — a 30 per cent increase on 2014.
The industry was responsible for more than $100 million in payroll, around 9 per cent of all employees in Bermuda’s globally-operating companies last year.
A further 128 jobs at 25 companies supported the ILS industry directly, including all of the Big Four accounting firms and the top five insurance brokers.
Ross Webber, CEO of the Bermuda Business Development Agency, lead sponsor of the event, said: “Bermuda stands apart from all other jurisdictions and the ILS/convergence sector is a good example of this.
“Its size and strength are unparalleled. That’s due to the unique advantages of this domicile — our reputation, robust regulation, constant innovation and world-class talent.
“Bermuda is a leader on all these fronts and it’s why industry values our marketplace.”
Michael Dunkley, the Premier, who addressed the conference, said: “Insurance and reinsurance industry observers point to the ILS market leaders domiciled in Bermuda, noting that the island is one of the key regions in the evolving and influential alternative capital space.”
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