‘RIMS has upbeat feel this year’
Bermuda has bolstered its reputation as the domicile of choice for insurers and reinsurers at this year’s Risk and Insurance Management Society (RIMS) conference in Los Angeles.
That is an outcome from the Island’s participation at the global gathering of the re/insurance industry, according to a team of Bermuda Monetary Authority officers who helped represent Bermuda at the multi-day event this week.
Craig Swan, the BMA’s managing director (supervision), said part of Bermuda’s success as a jurisdiction has been its credible regulatory oversight and an environment that fosters innovation. “That is a big selling point,” he said, adding that the four-person BMA team at RIMS has given media interviews to further underline these points.
The BMA quartet also met with existing clients and potential new clients updating them on developments in Bermuda.
“Solvency II comes up. Our partners want to know how far Bermuda is along the path,” said Mr Swan, referring to the European Union directive intended to establish a uniform standard of capital adequacy for insurers and reinsurers.
Shanna Lespere, the BMA’s international affairs director, added: “We had a number of questions on new business lines.”
The Island attracted 27 new incorporations last year, and last month alone chalked up a further eight insurance registrations. Bermuda has captured a large slice of the growing insurance-linked securities market.
Answering questions on the arrival of these new lines of business was one of the topics the BMA team discussed as they met clients and visitors at Bermuda’s booth in the conference hall. The team also had an opportunity to speak to other regulatory clients.
The Bermuda booth, consisting of a mock two-storey Bermuda cottage complete with an upstairs interviewing and meeting space, has attracted a lot of attention for the Island. It has been manned on a collaborative basis by volunteers, senior industry executives and the BMA delegation.
Premier Craig Cannonier, Finance Minister Bob Richards and Economic Development Minister Grant Gibbons have also dropped by to boost Bermuda’s presence at RIMS.
Ms Lespere described the conference, which attracted thousands of (re)insurance industry delegates and clients, as having a “buzz” this year with an upbeat feel and “a lot of good discussions” taking place.
“The Bermuda booth received a lot of traffic,” she said. Commenting on the broad spectrum of representatives from Bermuda working at the booth, she added: “It gives a positive impression to have these people with different roles all present and able to provide answers to [clients’] questions.”
It was the same story at a Bermuda-hosted conference reception on Tuesday evening, which was addressed by Premier Cannonier.
Ms Lespere said: “It was good to see all of Bermuda’s business partners coming together and be able to offer a full service to clients.”
The BMA team praised the efforts of the Bermuda Insurance Development Council and the newly created Business Bermuda Development Corporation for making the Island highly visible at RIMS through the dedicated booth and cocktail reception. Ms Lespere said: “It has been a very positive experience.”
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