Successful risk summit concludes
The sold-out Bermuda Risk Summit 2022 was an “immense success”, the Bermuda Business Development Agency declared today.
The three-day event, presented by the BDA, attracted more than 80 overseas delegates to the Hamilton Princess and Beach Club.
The BDA said the immediate economic impact of the event, which had 350 delegates, including lodging, transportation, food and beverage, retail and recreation was estimated at more than $1 million, and supported around 200 jobs.
Based on market feedback, the BDA added, dozens of additional visitors flew to Bermuda for business meetings around the event, bringing additional economic impacts to the island.
Jason Hayward, the Minister of Economy and Labour, who attended the event said: “Congratulations to the BDA for organising such a successful inaugural, event which had a positive impact on Bermuda’s economy and community.
“Bermuda remains the world’s risk capital and, for decades, Bermuda-based insurers have been leaders in the global reinsurance industry. It was a pleasure to meet and hear first-hand updates from some of the world’s foremost risk and regulatory experts.
“The Government along with the Bermuda Monetary Authority plays a critical role in the success of Bermuda’s insurance industry and remains a partner, committed to supporting the growth of the industry.”
David Hart, BDA CEO, said: “We received fantastic feedback for taking a leadership role in organising the first in-person risk event since 2019.
“A running theme across the event was how great it was to get off Zoom and see each other again in person after such a long absence.
“Our hope was always that this event would provide an opportunity for Bermuda’s risk industry to start charting a way forward together and meet prior to midyear renewal season.
“We look forward to building on this success by making our second annual event on March 6 to 8, 2023, even bigger and better next year.”
The Risk Summit was kicked off by a “seaside” chat between David Burt, the Premier, and Mr Hart. In his remarks, the Premier said: “Thank you to all those who are visiting but thank you also to our risk industry who throughout this pandemic has been a bedrock of support inside of the community.”
He added: “The objective of this government as we move beyond the pandemic is to make sure that Bermuda maintains its leadership across the board and remains the most competitive place to deploy capital.”
The seaside chat was followed by a panel made up of global CEOs, including Albert Benchimol, the president and CEO of Axis; Stephen Catlin, the chairman and CEO of Convex; Marc Grandisson, the CEO of Arch Capital Group; Chris Schaper, the CEO of AIG Re; and Megan Thomas, the CEO of Hamilton Re.
In his remarks, panel moderator John Huff, the CEO of the Association of Bermuda Insurers and Reinsurers welcomed the three Abir-sponsored Bermuda College students in the audience.
Also in the audience was a contingent of risk and insurance students from Eastern Kentucky University who flew down especially for the event and to learn about Bermuda’s globally important risk industry.
Day two started off with a breakfast keynote on terrorism risk from Julian Enoizi, the CEO of Pool Re, and was followed by panels featuring rating agencies, brokers, life, and a Florida legislative update. The day was rounded off by a keynote lunch featuring Aon president, Eric Andersen.
The final day began with a keynote on Florida risk by Joseph Petrelli, the president of Demotech, with panels on captives, cyber, insurtech, and insurance-linked securities following. It was closed out by remarks about an upcoming Bermuda ESG benchmarking survey by Miqdaad Versi, the head of ESG, Oxbow Partners, UK.
The BDA thanked its diamond sponsors, Abir, Aon and EY, gold sponsor Appleby, and silver sponsors Ariel Re, Kirkland & Ellis, KPMG, and SiriusPoint.
Bermuda Brokers, Florida Insurance Council, Kettle, Meenan P.A. and Goslings were additional event sponsors. The media partner was The Insurer.