Former Bermudian-based reinsurance company founder Tatsuhiko Hoshina has joined the advisory board of a Bermudian-linked insurtech company.
The founder and former chief executive officer of Tokio Millennium Re has linked up with AkinovA.
AkinovA is an electronic marketplace for the transfer of trading of insurance risk. In May, AkinovA (Bermuda) Ltd became the first business licensed by the Bermuda Monetary Authority to operate in the island’s insurance regulatory sandbox.
Mr Hoshina is now part of AkinovA’s 11-strong advisory board. He established Tokio Millennium Re in Bermuda in 2000, as a $125 million property-cat reinsurer and led it as president and CEO for about 16 years.
In a statement, AkinovA said Mr Hoshina’s focus will be to assist it in establishing its position as the leading platform to transfer and trade cyber and property-cat risks, and the company would draw on his knowledge of the reinsurance markets.
Mr Hoshina said: “AkinovA has achieved much over the last year. I believe that the timing is right for an electronic marketplace: they have the right proposition at a time when capacity providers need more liquidity and frictional costs are scrutinised.”
“This is also at a time when cyber-risks offer an unprecedented growth opportunity but need electronic risk transfer to match what is a highly dynamic landscape. This requires the use of cutting edge technology.
“We are seeing a gradual change in the mindset, prompted by a new generation joining the industry. They have different expectations compared to the older generations and it is a mindset that is very different to that of 20 years ago.
“AkinovA’s approach to act as a one-stop-shop with integrated chat, document sharing, clearing services, price discovery, market animation analytics and third-party actuarial, data, news and analytics is truly powerful.”
He added: “You need to have the right idea at the right time, with the right backing and the right people, which is why AkinovA will succeed.
“AkinovA will be the platform that will pioneer the way the market transacts reinsurance business in the future.”
Mr Hoshina will be joining AkinovA at the Rendez-Vous de Monte Carlo from September 8 to 11.