Reinsurance capital, capacity, and growth dynamics will take the focus at the ABIR Risk Forum, starting tomorrow (April 8), where senior executives and regulators gather to assess conditions at this stage of the market cycle.
The forum’s closing session centers on how Bermuda-based capital is deployed, with a panel titled “Leveraging Bermuda’s Reinsurance Capital.” Speakers include Paul Simons, CEO, Bermuda Reinsurance at Convex Re; Emmanuel Brulé, chief risk officer at Sompo; and Mark Wheeler, co-CEO of Mosaic Insurance. Gerald Gakundi, deputy managing director and head of insurance and investment funds at the Bermuda Monetary Authority, will moderate.
ABIR data shows Bermuda reinsurers account for about 36% of the global reinsurance market based on property/casualty net premiums earned. Member companies reported more than $188 billion in gross written premium in 2024 and total equity of $178 billion. These figures provide context for Bermuda’s role in global reinsurance and frame discussions on capital and capacity at the forum.
“These Bermuda re/insurance leaders will provide astute insights about current global externalities, including geopolitical dynamics and political risks, along with the current state of reinsurance capital, capacity and growth at this point in the market cycle,” said ABIR CEO John Huff.
The program opens at 10:30am at the Fairmont Hamilton Princess with remarks from ABIR chair Mark Cloutier and Bermuda Governor Andrew Murdoch CMG. The event carries the theme “Compliance, Capital, Capacity.”
Andy Mais, former president of the National Association of Insurance Commissioners and former vice chair of the International Association of Insurance Supervisors, will deliver an overview of the global reinsurance market, including Bermuda.
A session on catastrophe exposure will examine risks affecting 24 million residents in Florida. Mike Yaworsky, Florida’s insurance commissioner, and Shanna Lespere, deputy CEO of the Bermuda Monetary Authority, will take part in a discussion on reinsurance and resilience.
A panel reviewing 10 years of Solvency II will address compliance and regulatory equivalence. Moderated by Shannon Bender of RenaissanceRe, the session includes Petra Hielkema, chair of the European Insurance and Occupational Pensions Authority, and Craig Swan, CEO of the Bermuda Monetary Authority.
Bermuda’s regulatory regime is recognized as Solvency II-equivalent and as a reciprocal jurisdiction by the NAIC. Recent updates to the Bermuda Solvency Capital Requirement introduce lapse risk and expense risk components, along with enhanced asset modeling and governance requirements effective from year-end 2024.
Another panel will examine NAIC-qualified and reciprocal reinsurers and their role in consumer protection. Antoinette Hurtado, Bermuda’s US consul general, will introduce the session, moderated by Jonathan Kent of The Royal Gazette, with Nicolas Papadopoulo, CEO of Arch Capital Global, and Scott White, president of the NAIC and commissioner of the Virginia State Corporation Commission’s Bureau of Insurance.
A session on geopolitical conditions and credit quality will include Nathan Houdek, Wisconsin insurance commissioner and chair of the NAIC Financial Condition (E) Committee; Ricardo Garcia, managing director at the Bermuda Monetary Authority; Rebecca Ebert, global head of regulatory and government affairs at KBRA; and Chris Brown, partner at Mindset.
Another discussion will address collaboration across the sector. Jeff Manson of RenaissanceRe will moderate Jonathan Dixon, secretary-general of the IAIS; Stephen Catlin, founder and life president of Convex; Clement Cheung, CEO of the Hong Kong Insurance Authority; and Dennis Noordhoek of the Geneva Association on partnership approaches to closing the protection gap.
Following a networking lunch, Sir Charles Roxburgh, chair of Lloyd's, Fiona Luck, senior independent deputy chair, and Stephen Catlin will discuss the relationship between Lloyd’s and Bermuda in a session titled “Lloyd's & Bermuda: Our Foundation & Our Future.”
Students from Bermuda College enrolled in the “Special Topics in Insurance” course will attend the forum at no cost. A briefing session organized by The Institutes Knowledge Group and the Bermuda Foundation for Insurance Studies will precede the event, providing students with exposure to industry discussions and access to executives and regulators.
A Bermuda Market Reception will conclude the event from 5:30pm to 7:30pm, with remarks from Premier David Burt and Economy and Labour Minister Jason Hayward.
The forum is supported by ABIR member companies and partners including KBRA, the Bermuda Business Development Agency, Deloitte, and The Institutes Knowledge Group.
