Bermuda’s financial watchdog is to host a major conference looking at the future of the insurance and reinsurance industries. And the Bermuda Monetary Authority (BMA) has lined up heavyweight speakers — including John Nelson, the chairman of Lloyd’s of London and deputy chairman of the Bank of England Andrew Bailey.

BMA CEO Jeremy Cox said that the seminar would take place at a “critical point in time” for the industry.

He added: “Given the rapid pace of change in the markets and the nature, scale and complexity of underlying transactions risk programmes, it is important that the Authority maintains its relevance and leadership role by facilitating global debate on the issues confronting and shaping the financial services sector.

The special seminar — Understanding the New Normal in Insurance and Reinsurance — will be held at the Fairmont Southampton on Thursday, December 4.

And Mr Cox said it would provide “a vital platform for what I envision will be a lively debate among some of the leading thinkers and practitioners in the world of risk transfer.”

He added: “In my view, there has never been a more important time to meet and deliberate on the forces that are transforming the risk industry.”

And he said the future seminars would look at other aspects of the financial services sector like banking, funds and asset management.

Mr Nelson has been Lloyd’s chairman since 2011 and was the chairman of Hammerson PLC until 2013.

The chartered accountant has worked in the UK and US while at private bankers Kleinwort Benson. He has also held directorships in several UK and European firms.

Mr Nelson is also a senior adviser to Charterhouse Capital Partners LLP.

Other panellists will include industry veteran and Hamilton Insurance Group chief Brian Duperreault, XL Group CEO Mike McGavick, Ironshore director Dennis Mahoney and Nephila Capital co-founder and principal Frank Majors.

The seminar registration fee is $20 and anyone who wants to attend should email communications@bma.bm. A lunch sponsored by the Association of Bermuda Insurers and Reinsurers (ABIR) will be held after the seminars and seating will be allocated on a first come, first served basis.