“Employees need reassurance that their diverse perspectives will be respected. HR has the challenging responsibility of managing political tensions, ensuring respect, and fostering a workplace where all team members feel valued. There is a need for workplaces to maintain a neutral environment,” Haller said.
There’s nothing quite like a conference to bring together colleagues, peers and competitors aligned under a common goal – and to take the temperature of a sector. The recent International Life and Annuity Conference was an opportunity to do just that, with BILTIR CEO Suzanne Williams-Charles (pictured) highlighting that: “People are feeling optimistic about the market”.
As the only industry event focused on the long-term insurance industry in Bermuda, the conference is unique within both the local and global landscape. This year was its 12th iteration to date and, with 493 registrants, its largest subscription to date. The event has steadily grown over the years, Williams-Charles said, and it is becoming a staple calendar event for industry executives in the life re/insurance space due to the importance of the Bermuda market.
Identifying some of the key themes of the event, she noted that top of the agenda was discussing the growth and evolution of the long-term re/insurance industry. “Of course,” she said, “having strong regulations is crucial to our industry, and we discussed Bermuda as a world-class example of finding the balance between strict regulation and room for growth.
“In our panel focused on insights from Japan, the panelists opined on how Bermuda’s regulatory framework benefits a wide variety of stakeholders, which attracts Japanese life insurers to the area. The panel spoke of a Japanese term called “SAMPO – YOSHI,” explaining how Japanese life insurers seeking life reinsurance opportunities in Japan are “good for the seller, good for the buyer, and good for society” and how the environment in Bermuda aligns with this principle.”
Many panelists also provided their thoughts on raising capital that lends itself to asset and liability optimization, she said, outlining that it’s more beneficial than the current misconceptions within the larger industry. One panelist spoke against views that private equity-backed firms will encourage greater risk taking on the investment side and countered that explaining how private markets can often take a longer-term view and are better suited to weather short-term volatility than public markets overall. “They are well placed to be in it for the long haul.”
The underlying combined ratio was 91.6%, marking the 15th consecutive quarter below 92%, with commercial achieving a record low underlying combined ratio of 90.7%. Gross written premium, excluding captives, increased by 9%, while net written premium rose by 8%, each representing the strongest quarterly growth this year.
“We’re usually dealing with large corporations and there’s no attachment to the money, you’re looking for value, making sure it makes sense,” said Andersen. “But if you’re with the Red Cross-Red Crescent, you’re either buying an insurance policy, or you’re buying 20 tents, or you’re sending a shipment of food.”
The BCN described Robinson as a committed advocate for Bermuda’s captive insurance industry, noting that her influence extended far beyond her professional work. The organization highlighted that Robinson’s passing leaves a considerable impact on her colleagues, friends, and the industry network, both locally and internationally.
Bermuda’s updated tax policies, including the adoption of a minimum 15% corporate tax rate, enabled the creation of DTAs for reinsurers, reducing 2023 tax liabilities. These DTAs, introduced by the Bermuda Ministry of Finance, treat 2023 taxable income as an intangible asset, set to be amortized over 10 to 15 years, offsetting future taxable income.
The report, written by John Taylor (managing director, general and corporate aviation) and Alex Trotter (executive director, general and corporate aviation), said clients approaching renewals at year-end can look to July renewal trends as a guide, given the competitive dynamics observed mid-year.
“Once a project aligned with our low-carbon technology standards is identified, it goes through a rigorous assessment led by our sustainability experts. If it meets our criteria, the premiums we earn from this transaction are then held as investments in certified green bonds. This way, we create a full-circle benefit: we issue bonds that ensure low-carbon project’s success, and we fuel the sustainable transition of the overall economy,” he said.
Price Forbes Bermuda has announced the promotion of Carrie Kelley (pictured above) to chief executive officer.
Kelley, previously the firm’s managing director, will now oversee all operations at Price Forbes Bermuda. She will report to Chris Bonard, CEO of Ardonagh Specialty (Bermuda) Ltd and group president of Price Forbes Re.
Kelley’s career spans over 20 years in the insurance industry, with experience across broking and underwriting in both the Bermuda and US markets.
Prior to joining Price Forbes Bermuda in 2019, she held senior positions with firms such as Barbican Underwriting Bermuda, Bowring Marsh Bermuda, Guy Carpenter Bermuda, and Marsh USA.
Kelley’s appointment is pending regulatory and Bermuda Immigration approval.
“Price Forbes Re has built a tremendous company over the past five years through the hard work and dedication of our employees and the valued partnerships with our clients and carrier partners. We are well positioned for growth, and I look forward to leading the company to future success,” Kelley said.
Bonard said that Kelley’s experience in the Bermuda and US markets makes her well-suited to lead Price Forbes Bermuda forward as the business enters a new phase.
“We are delighted to appoint Carrie as CEO of Price Forbes Bermuda. Our business is in an exciting phase and Carrie’s extensive experience and leadership within the Bermuda and US markets make her the perfect choice to lead us into our next chapter,” he said.
Earlier this month, the firm’s reinsurance arm, Price Forbes Re, also announced the appointment of Colin Kelley as chief commercial officer (CCO), a newly created role within the company.
In his new capacity, Colin Kelley will collaborate with teams across insurance, reinsurance, and capital markets to develop solutions for the firm’s global clients and trading partners.
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Victor Kuk (pictured), head of P&C reinsurance SID, market units P&C reinsurance at Swiss Re, emphasized the evolving role of reinsurance in a more complex risk environment, citing recent global natural disasters that have exposed weaknesses in traditional risk models.
In a statement, Kuk highlighted that the industry must adopt a proactive approach to new and emerging risks to continue supporting economic stability.
Kuk pointed to recent catastrophic events, including Hurricanes Helene and Milton, as well as earthquakes and storms across the Asia-Pacific region, such as Noto, Kyushu, and Super Typhoon Yagi. These disasters have underscored the need for a comprehensive reassessment of how the industry responds to and absorbs large-scale losses.
“The chains of flooding, landslides, and infrastructure damage these events unleashed uncover weaknesses in traditional risk models and the need for a comprehensive reassessment of our industry’s readiness,” Kuk said.
Swiss Re’s research estimates that the natural catastrophe protection gap in the Asia-Pacific region has reached $540 billion over the past decade. Kuk described the traditional role of reinsurers as “shock absorbers,” spreading exposure across geographies and business lines, but noted that the industry’s approach must go beyond that.
“We need to be more proactive in the way we approach emerging risks if we are to deliver on our core mission of improving the region’s resilience for the long term,” he said.
One key area identified by Kuk is the enhancement of modeling expertise. He stressed that historical models do not always account for interactions between risk factors, such as the effects of urbanization on infrastructure in vulnerable coastal regions.
Kuk called for continuous updates to catastrophe models to incorporate factors like economic growth and climate change impacts on weather patterns.
Another focus area for the industry, according to Kuk, is leveraging data more effectively across the insurance value chain. He emphasized the need to gather, pool, and analyze up-to-date data to develop a better understanding of future risk.
“Our structured solutions can support our clients as they navigate a more challenging market environment,” he said, noting that Swiss Re’s offerings can help insurers manage volatility and capital allocation during times of economic and geopolitical uncertainty.
Kuk also highlighted the role of technology, particularly artificial intelligence and machine learning, in upgrading risk assessment models. Swiss Re’s recent acquisition of UK-based Fathom, which specializes in water-related risk models, was a step toward enhancing the precision of natural catastrophe modeling.
“The data Fathom provides adds to our efforts to understand and model the impacts of natural catastrophes like floods,” Kuk said, pointing out how technological advancements are helping insurers anticipate and manage risks more effectively.
Kuk emphasized that partnerships across both public and private sectors are essential to addressing emerging risks. He suggested that reinsurers could work with governments across Asia-Pacific to develop infrastructure away from high-risk areas and invest in cost-effective protective measures.
Additionally, Kuk encouraged collaboration within industry associations to share knowledge on natural catastrophe risks and establish best practices for managing these threats.
“We have witnessed the power of these partnerships when it comes to developing more inclusive insurance products,” he said, noting the benefits of insurance solutions designed to protect vulnerable populations against diverse risk scenarios.
Kuk further stressed the importance of closely collaborating with clients to better understand their risk profiles and operational challenges, which can inform the development of tailored risk management solutions.
Kuk concluded by underlining the need for a collective response to the risks facing the industry. He pointed to platforms like the Singapore International Reinsurance Conference (SIRC) as crucial forums for dialogue and cooperation.
“The risks we face as an industry and a region demand a collective response,” Kuk said, highlighting the importance of continued collaboration and knowledge-sharing within the sector.
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