Conyers On Bermuda’s ILS Surge
International Hamilton law firm Conyers Dill & Pearman says Bermuda is at the heart of the convergence of the capital markets and insurance/reinsurance industries and is now witnessing a surge in insurance-linked securities [ILS] products and the establishment of ILS funds specialising in investment in these products.
Conyers lawyers Charles Collis [pictured] — who now heads the firm’s London office – and Michael Frith said with Bermuda long being recognised as a sophisticated and responsibly regulated international financial centre,.
“With a well-developed infrastructure, proximity and convenient air links to the US, Canada and the UK, and a wealth of experienced and sophisticated service providers, the island has naturally become a focal point for innovation in the financial sector,” the lawyers said in a briefing paper prepared for Conyers clients.
“In particular, Bermuda is considered the centre of catastrophe reinsurance expertise, and is one of the largest reinsurance markets in the world, estimated to provide over 50% of the worldwide property catastrophe capacity, along with other innovative general and long-term insurance business products. The combination of an extraordinary concentration of insurance talent with a responsive and flexible regulatory environment has led to the island leading the industry in the development of sophisticated insurance and reinsurance structures.”
Mr. Collis and Mr. Frith said in addition to its breadth of insurance industry experience, Bermuda is also a major centre in the international investment fund industry, with over US$200 billion of fund assets domiciled there, and over 2,000 investment funds registered in and operating from Bermuda.
“There are also a significant number of unregulated investment funds, primarily closed-end investment companies and limited partnerships,” said the lawyers. “And all of this positions Bermuda at the heart of the increasing convergence of the capital markets and the insurance/reinsurance industry, making Bermuda a natural jurisdiction for the development of sophisticated insurance-linked securities products and the establishment of ILS funds specialising in investment in such products.”
Founded in Bermuda in 1928, Conyers now has offices across 11 countries in multiple time zones and jurisdictions.
The firm employs more than 150 lawyers advising on complex multi-jurisdictional legal issues.
Congratulations to CD&P. We should be very proud in Bermuda that we have reached this level of international status. Please tell those Bermudians that don’t understand and who think that Bermuda would be best to only employ Bermudians and kick all the “foreigners” out. This thinking is so wrong. We need the benefits in having international expertise coming to our shores, which includes having “guest workers”. This is essential to the health of our economy. It is an absolute insult that the BIU head, Chris Furbert so rudely referred to non-Bermudian workers as “migrant workers” as if they were picking lettuce for us. We need to continue to attract the top brains, top paycheques, top executives to keep our well earned global status in the international business world.