When Triangle Life set out five years ago to build a new life insurance business from its base in Bermuda, it had one vision: to serve high-net-worth clients with focus and agility. Now, having opened in 2020 after half a decade of careful planning, it stands uniquely positioned in an industry bracing for major change: a projected $30 trillion transfer of wealth from baby-boomers to Generation X and millennials within the next decade.

While many insurers try to juggle both the mass market and their high-net-worth clientele, Triangle Life is the only life insurance company built with a sole focus on this exclusive sector.

“Most life insurance companies focus on the mass market, and then do high-net-worth as an add-on,” Niall O’Hare, chief executive, told The Royal Gazette. “We are the only one solely high-net-worth-focused. There is no distraction.”

This market-first attitude enabled the team, whose collective experience exceeds 100 years, to take a bold approach to technology. Unburdened by legacy mainframes or outdated processes, Triangle Life intentionally built its digital platform from “a blank sheet of paper”, according to Mr O’Hare. The result: streamlined illustration software and a broker portal designed to let expert advisers and staff devote more time to personal service, instead of fighting with technology.

“We took advantage of having no legacy to say we can build what our broker partners really need,” Mr O’Hare said.

The company has a strong capital base through investment from a diverse group of investors, including Aspida Holdings, BroadRiver Asset Management and a series of family offices. The company chose Bermuda for its dense concentration of global insurance expertise and a world-recognised regulatory environment. The company has also embraced sustainability, keeping operations and their entire team in one location to minimise travel and environmental impact.

“We’ve made very important promises to clients. So, having a really strong regulator with a great reputation is critical. Bermuda has that, and Bermuda has had that for decades,” Mr O’Hare shared. “There are certain jurisdictions that are very, very highly regarded. And Bermuda is, without doubt, one of them.”

The company also invests in rigorously assessing risk for its high-value clients. In October, the company named Thomas Foley and Christopher Guerin, who bring a combined 70 years’ experience, to its underwriting team.

Mr O’Hare expressed confidence in the hires. “Underwriting is critical to any insurance,” he said. “It’s assessing the risk that any particular client presents, and therefore the type of premium that we would need to charge that client to cover that risk.”

Rather than rely on assumptions about client wishes, Triangle Life recently commissioned a private-purpose report exploring high-net-worth motivations.

Among the findings: 88 per cent of these individuals believe their wealth has a positive effect on the world, and 66 per cent describe this impact as “very significant”. It’s insights like these, said Mr O’Hare, that allow the company to craft highly-customised legacy solutions for its clients and advisers.

“We’ve spent five years building the company, ensuring that we're ready to be at the forefront,” said Mr O’Hare. “The backing that we got earlier this year from our really strong investors allows us to be well-positioned to provide the best solutions possible for clients and brokers going forward.”