Bermuda’s ever-growing re/insurance market will be the backdrop for a new partnership between INTX Insurance Software and Bermudian-based Bespoke Analytics.

The companies say the arrangement will give re/insurers local help with technology implementations, data migration and integration. Its potential local impact, however, will depend on whether that work leads to hiring and skills development as the companies ARE hoping it will.

In an interview with The Royal Gazette, Rob Lewis, INTX chief executive, said Bespoke was in the process of bringing on three people for business analysis, systems integration and insurance or reinsurance roles. He said the plan was for new staff to get training and gain experience on existing client work before returning to handle Bermuda clients.

The industry already has a substantial local workforce. A 2024 survey by the Association of Bermuda Insurers and Reinsurers found that Abir member companies employed 2,121 full-time people in Bermuda. Of those, 1,472 were Bermudians, spouses of Bermudians or Permanent Resident Certificate holders — nearly 70 per cent.

Bespoke’s role is to support INTX’s work on the island, whch will include business analysis, data migration, systems integration, testing and implementation.

Mr Lewis said local capacity matters because implementations can be lengthy and call for specialist knowledge. “There is definitely an advantage to having that team on the ground,” he said. He called the partnership an opportunity to develop local resources and provide employment, while acknowledging that insurance expertise takes time to build.

The market’s scale is one reason the companies see potential. The Bermuda Monetary Authority’s 2024 analysis of Class 3B and Class 4 property-and-casualty insurers reported $72.6 billion in net written premiums and $338 billion in assets.

Mr Lewis said that at the time of the interview INTX had not yet signed a new client through the Bespoke partnership. He noted that sales cycles in insurance software can take a year or longer, making near-term prospects different from completed business.

Ultimately, Mr Lewis sees Bermuda as a base for potential expansion into other Caribbean markets, including Cayman, Barbados and the British Virgin Islands. “I think Bermuda is our big launchpad from there,” he said.