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Bermuda leaders’ Rims interviews online

Major event: Meg Green, centre, of AM BestTV with Michael Dunkley and Bob Richards at Rims 2017 in Philadelphia (Photograph supplied)

Topics ranging from US tax changes, to Bermuda’s work to maintain high standards of financial reporting, were discussed by Bermuda Government, industry and regulatory leaders in interviews with AM BestTV.

They spoke during the Risk and Insurance Management Society’s conference in Philadelphia last month, which attracted 10,000 insurance industry professionals.

A selection of the interviews are online at the AM BestTV website, and on a number of social media channels.

In one of the interviews, Michael Dunkley, the Premier, said Bermuda is working with Britain’s leaders to keep open relations between two major insurance and reinsurance markets. He said the island also remains a key element of reinsuring US communities.

This interview can be viewed at http://alturl.com/gicxc.

In another of the interviews Grant Gibbons, Economic Development Minister, said possible tax changes in the US could affect the reinsurance community, but Bermuda has strong regulatory and professional resources.

The interview can be viewed at http://alturl.com/5cpky.

Brad Kading, executive director of the Association of Bermuda Insurers and Reinsurers, said 22 jurisdictions worldwide have placed restrictions on local insurers’ ability to cede reinsurance risk elsewhere.

This interview can be viewed at http://alturl.com/qfqvw.

Bob Richards, Finance Minister, spoke about how the island is a target of high-tax, low-growth countries. He said Bermuda has maintained high standards for financial disclosure and should not be labelled a tax haven simply because it has competitive tax rates.

Mr Richards interview can be viewed at http://alturl.com/6nyya.

A full delegation from the island, led by the Bermuda Business Development Agency, attended Rims, which is the insurance industry’s largest annual event. Print, online and broadcast media interviews over the course of the conference also included Bloomberg, Business Insurance, the Philadelphia Inquirer, and Euromoney Institutional Investor.

Ross Webber, chief executive officer of the BDA, spoke to AM BestTV about how start-ups help offset insurer consolidation. He said consolidation shrinks the pool of insurers on the island, but also makes for stronger companies.

This interview can be viewed at http://alturl.com/uqx2h.

Jeremy Cox, CEO of the Bermuda Monetary Authority, said the task for the island is to build an ongoing regulatory structure that will maintain equivalency with Solvency II and qualified jurisdiction status with the US.

Mr Cox’s interview can be viewed at http://alturl.com/bqggz.

Leslie Robinson, the BMA’s assistant director, corporate authorisations, said the regulator had announced a code of conduct for insurance managers, and will accept electronic filings from captives this year.

This interview can be viewed at http://alturl.com/e7tve.

Akilah Wilson, the BMA’s assistant director, licensing and authorisation, said the market for insurance-linked securities has moved from single-purpose cat bonds to broader offerings often based on collateralisation.

This interview can be viewed at http://alturl.com/day5m.