Welcome to Artemis’ sixth Bermuda-focused roundtable on insurance-related securities (ILS), held virtually for the second year in a row due to ongoing pandemic-related restrictions.
Despite the impact of the Covid-19 pandemic and subsequent restrictions on travel and face-to-face meetings, Bermuda attracted a significant amount of seed capital in 2020 ahead of the expected strengthening of the reinsurance market.
At the same time, Bermuda is still the preferred jurisdiction for catastrophe bond issuance, evidenced by a record-breaking 2020 for this sub-segment of the ILS space. However, there is now more choice than ever for sponsors from new jurisdictions, particularly in Asia, who are increasingly looking to increase their market share.
With this in mind, participants highlighted Bermuda’s robust risk transfer infrastructure, adaptive regulation and ability to innovateand explored what the island needs to do to ensure it brings in new customers.
While the pandemic has made headlines for the past 18 months, climate change persists and as the conversation has intensified, the universe of sustainable and responsible investing has expanded and is now often debated in the ILS space, and our roundtable. was no exception.
In addition to rising ESG demand and also increased demand from more traditional investors, the longevity of current market conditions has been questioned, as well as the potential for capital retention due to Covid-related uncertainty about business interruptions.
Thanks to our Roundtable partners: Ocorian, Appleby and Property Claim Services (PCS).
For this year Bermuda ILS executive roundtable we were joined by the following participants from across the industry:
- Tom Johansmeyer, Head of PCS.
- Sherman Taylor, Executive Director, Ocorian.
- Brad Adderley, Partner at Appleby, Bermuda.
- Aurora Swithenbank, Chief Financial Officer, Vantage.
- Darren Redhead, Chief Executive Officer, Lancashire Capital Management.
- Kathleen Faries, Chief Executive Officer, Horseshoe.
- Aaron Garcia, Portfolio Manager, Hiscox ILS.
- Richard Lowther, Managing Partner, Integral ILS.