Convergence 2013 is an event for investors, reinsurance and insurance companies and service partners to meet, network and learn about ILS such as catastrophe bonds.

The two-day event, organised by ILS Bermuda, is being held in the newly renovated Pier Six and in a eye-catching newly-built structure which sits on top of part of the pier.

Bermuda has been positioning itself as a leading jurisdiction in the setting up, marketing and listing of these financial instruments as well as other complex structures such as industry loss warranties and sidecars.

“The event has been a great success,” said president and CEO of the Bermuda Stock Exchange and ILS Bermuda committee member, Greg Wojciechowski. “We have been working hard to get Bermuda to be seen as the place to come if you are interested in castastrophe bonds and other ILS. This event is helping us put ourselves well and truly on the ILS map.”

Arthur Wightman, Insurance and Alternative Risk Transfer Leader, at PwC Bermuda and PwC Caribbean, and ILS Bermuda committee member, said: “Bermuda’s ascendancy to a global leadership position in reinsurance and the number one domicile for ILS is on account of structural advantages, but also principally because of its capacity to solve problems and innovate. In an environment where risks are constantly evolving and the demands of risk mangers and investors intensify, Bermuda is at the front edge of the industry’s response.”

Mr Wightman added that the more traditional corners of the global capital markets will “remain uninspiring for some time and the quality of ILS as an asset class is obvious to all” and added that the risk transfer market needs to continue to find innovative ways to increase capacity and grow demand.

“With some of the best in the business assembled together in Bermuda this week, Convergence 2013 will undoubtedly provide a catalyst for this.”

Paul Schultz, CEO of Aon Benfield Securities, a leading ILS figure that is attending the event, said: “Expectations are for ILS to continue at elevated levels given the active issuance year-to-date in 2013, with fundamentals remaining intact for the remainder of 2013 as well as 2014, as capital continues to flow into the sector from pension funds, endowments and high net worth investors.”

Andre Perez, CEO and founder of Horseshoe Group and ILS Bermuda committee member, said during the opening educational panel yesterday: “If we want to grow this market we have to educate.” Educational sessions continue today, as well as a talk given by the co-founder of Apple, Steve Wozniak.