Bermuda life reinsurance in Boston spotlight
Executives from four Bermuda life reinsurance companies will talk about their growing industry at the prestigious Society of Actuaries (SOA) Annual Meeting in Boston this week.
On today’s panel discussion entitled “Life Reinsurance in Bermuda”, are Manfred Maske, chief executive officer at Monument Re Group; Sylvia Oliveira, CEO at Wilton Re Bermuda and member of the Bermuda International Long Term Insurers and Reinsurers (Biltir) board of directors; and Scott Selkirk, managing director at Somerset Re. The session will be moderated by Gokul Sudarsana, senior manager at Deloitte in Bermuda.
At the end of the session, the aim was for attendees to be able to understand and describe popular business models in the Bermuda long-term insurance market; interpret emerging regulatory deliverables to support Bermuda’s Solvency II equivalence; as well as evaluate how Bermuda’s growing long-term insurance market can create opportunities for existing reinsurance programmes.
Mr Maske, one of the panel speakers, said: “Bermuda is already a well-known and well-respected global hub for insurance capacity, and although the Bermuda insurance market has traditionally focused on general insurance risks, life insurance has been one of the fastest growing sectors in recent years.
“A diverse range of business models have emerged in this sector, providing new options and opportunities to manage long-term insurance risk.
“A key driver of growing and sustaining this thriving long-term insurance sector is Bermuda’s increasingly robust and transparent regulatory landscape, notably its recognition as a Solvency II equivalent jurisdiction.
“Over the coming years, we can expect the Bermuda market to become increasingly important for life-focused actuaries. The presentation is designed to introduce the audience to pertinent business models and regulations in Bermuda life insurance. It is intended to meet the needs of actuaries focused on risk management, capital planning and reinsurance.”
More than 2,000 decision makers in the actuarial profession from around the world are attending the 2017 SOA Annual Meeting.
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