Hamilton, Bermuda – Bermuda Convergence 2016 will be held November 9 -10, in Hamilton, Bermuda ILS Bermuda Ltd announced today.
Last November, the Bermuda Convergence 2015 event was hailed a major success, drawing more than 300 delegates with 59% arriving from 15 different countries including Australia, Canada, Cayman Islands, Columbia, Italy, France, Germany, Hong Kong, Japan, Monaco, Switzerland, the United Kingdom and the USA.
Greg Wojciechowski, CEO of the Bermuda Stock Exchange, and ILS Bermuda Chairman, said: “On behalf of ILS Bermuda I am delighted to announce the dates for the fourth Bermuda Convergence networking and business development event.
“We continue to look for ways to enhance the Bermuda Convergence event experience while concentrating on creating additional business development initiatives. Attendees at Bermuda Convergence 2016 will experience the insights of industry leaders and have opportunities for networking, discussing upcoming renewals and market relevant trends.”
The idea of anchoring Bermuda as a center of excellence for ILS structures and alternative reinsurance capital by hosting an exclusive event in Bermuda was conceived by ILS Bermuda Ltd four years ago, with strong support from industry and government.
“The annual Bermuda Convergence event has become a regular agenda item in the industry and we are happy Bermuda is home to one of the top annual information and business development events for ILS and the alternative reinsurance industry, while providing a platform to encourage commercial activity for ILS and alternative reinsurance. The annual Bermuda Convergence event also contributes to the Bermuda economy – from hotel accommodation to revenue generated for local companies. In 2015, the event contracted 24 local companies, 85 local resources and contributed almost half a million dollars to local companies,” said Mr. Wojciechowski.
Kathleen Faries, Head of Tokio Millennium Re Bermuda and ILS Bermuda Deputy Chairman said: “Bermuda continues to be at the center of the steadily growing ILS market with over 75% of outstanding volume at the end of 2015. This year promises further development and expansion of the market so we expect there will be no shortage of topics and opportunities for our guests to discuss at our November networking event.”
During last year’s event, the Premier of Bermuda, the Honourable Michael Dunkley commented: “Bermuda has a growing ILS market, which we believe will continue to evolve, providing not only catastrophe cover but also securitisation opportunities across the spectrum of insurance and reinsurance. We believe the ILS business is here because Bermuda has a renowned business infrastructure, first class service providers and a highly regarded regulatory environment.”
The Bermuda Monetary Authority (BMA) reported 64 new (re)insurance entities registered in Bermuda in 2015. A total of 20 new special purpose insurers (SPIs) were registered in 2015. In the asset management space, the Authority registered 83 new funds.
Bermuda remains the leading jurisdiction for insurance securitizations listed on a recognized stock exchange and increased its market share to over 75% of global issuance as at year-end 2015, as reported by the Bermuda Stock Exchange (BSX).
Willis Capital Markets & Advisory (WCMA) recorded non-life ILS capital increasing 8% over 2015, reaching US$70billion at year end. Alternative reinsurance capital continues to show steady growth and outpacing growth in traditional reinsurance capacity. Aon Benfield maintains their alternative capital estimate of US$120billion to US$150billion by 2018 and also reported continued growth trends in collateralized reinsurance and reinsurance sidecar activity in 2015.
Brad Kading, President and Executive Director of the Association of Bermuda Insurers and Reinsurers (ABIR) said in a recent news release: “In Bermuda we believe alternative capital is here for the long term, even though there will be some ebbs and flows. It can be put to work in a cat bond, a collateralized reinsurer, as a sidecar or in the industry loss warranty market. This capital is here, it wants to take on insurance risk and it has been doing it in the cat markets for more than 20 years.”alternative capital is here for the long term, even though there will be some ebbs and flows. It can be put to work in a cat bond, a collateralised reinsurer, as a sidecar or in the industry loss warranty market. This capital is here, it wants to take on insurance risk and it has been doing it in the cat markets for more than 20 years.In Bermuda we believe alternative capital is here for the long term, even though there will be some ebbs and flows. It can be put to work in a cat bond, a collateralised reinsurer, as a sidecar or in the industry loss warranty market. This capital is here, it wants to take on insurance risk and it has been doing it in the cat markets for more than 20 years.