ABIR Welcomes IAIS Supervisory Forum

April 22, 2019 | 0 Comments

The Association of Bermuda Insurers and Reinsurers [ABIR] welcomed industry supervisors from multiple international jurisdictions to Bermuda this month.

Insurance supervisors from the United States, Europe, the United Kingdom, Japan, South Africa, Canada, Singapore, among other jurisdictions, traveled to the island April 15–18 to attend the International Association of Insurance Supervisors [IAIS] Supervisory Forum.

Established in 2011 and held annually in different locations, the event provides a platform for thought-leadership and networking over supervisory practices. The Bermuda Monetary Authority [BMA], celebrating its 50th anniversary this year, served as the host insurance supervisor for the 2019 meeting.

Jonathan [Jon] Gale, Chief Executive Officer, Bermuda Reinsurance, AXA XL. Kean Driscoll, Chief Executive Officer, Validus Reinsurance [the reinsurance business of AIG]; and Stephen H. Weinstein, chief legal officer for RenaissanceRe and Chair of the RenaissanceRe Risk Sciences Foundation.

IAIS international forum cropped

ABIR member companies presented a panel discussion for forum attendees on market trends and observations of Bermuda’s international reinsurance market.

Participating ABIR executives included Kean Driscoll, Chief Executive Officer, Validus Reinsurance [the reinsurance business of AIG]; Stephen H. Weinstein, chief legal officer for RenaissanceRe and Chair of the RenaissanceRe Risk Sciences Foundation; and Jonathan [Jon] Gale, Chief Executive Officer, Bermuda Reinsurance, AXA XL.

“ABIR appreciates the opportunity for its member-company reinsurance executives to meet directly with these leading, global insurance supervisors,” said ABIR President & CEO John Huff.

“Bermuda’s pre-eminent position in international reinsurance markets allows us to give a front row perspective on industry outlook, emerging trends, and opportunities including climate change, risk diversification and closing the protection gap between economic and insured loss.”

Focusing on large insurers and insurance groups, the IAIS forum promotes discussion of trends and risks, sharing of ideas between supervisors on methodology practices, and evaluation of potential impact scenarios on insurers and insurance groups.

Comprising high-level senior supervisors with expertise in supervisory practice, the forum is chaired by Gareth Truran of the UK’s Bank of England Prudential Regulatory Authority [PRA].

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