A key industry conference has been cancelled because of concerns around the Covid-19 pandemic.

Convergence 2021, presented by ILS Bermuda, was to have been held as a hybrid in-person and virtual event on October 6 at the Hamilton Princess and Beach Club and online.

The annual event, held virtually last year because of Covid-19, has traditionally brought together key players in the alternative reinsurance, convergence and insurance-linked securities marketplace for networking and education sessions.

But organisers have called off this year’s conference and have begun to focus on the 2022 event.

ILS Bermuda said the event will not go ahead as planned “in light of recent changes to local guidelines issued by the Government of Bermuda, as well as a sharp increase in Covid cases locally”.

The group added that the SafeKey event “had taken extra steps to ensure a safe and enjoyable atmosphere. However, in light of the Centre for Disease Control’s recent announcement putting Bermuda into the ‘high-risk’ category, as well as our desire to support Bermuda’s healthcare infrastructure and minimise community spread, the event will not proceed at this time.”

The organisation said: “Over the years, ILS Bermuda has cultivated Convergence as an exclusive networking event for the insurance-linked securities and alternative reinsurance market.

“During 2020, we made the necessary decision to host a virtual event during a year where many of us were in lockdown.

“We have always maintained that Convergence is first and foremost a networking event and for that reason, the steering committee has decided not to host a fully-virtual event this year and instead, will work towards hosting a networking event in Bermuda next October 2022.”

Kathleen Faries, chairwoman of ILS Bermuda, said: “ILS Bermuda is extremely grateful to all of its sponsors and attendees for their support of Convergence. Although we're disappointed that the event is not going ahead, we plan to relaunch our registration in the spring of next year and we hope that you are able to join us for a bigger and better event next year.”