Bermuda’s In ‘A Changing Environment’
The Bermuda umbrella organisation for managers in the world’s largest captive insurance domicile have voted in a new slate of officers as the outgoing president warned of a changing business and regulatory environment.
The Bermuda Insurance Management Association [BIMA] heard state of the market speeches from key industry figures during their annual general meeting at the Royal Bermuda Yacht Club in Hamilton. Voted in to head the industry body was Lawrence Bird, managing director of Bermuda’s Marsh IAS Management Services Ltd.
His executive committee is comprised of captive management veterans who have served BIMA and the industry over a number of years.
The Bermuda Monetary Authority [BMA] director, Insurance Licensing & Authorisation, Shelby Weldon, outlined the regulators’ continuing efforts to maintain Bermuda’s reputation for having strong, but fair insurance supervision, and their ongoing role in helping to shape global insurance regulation of the future.
Also speaking to a crowd that represented Bermuda’s 40 captive and insurance management houses, was the Bermuda Insurance Development Council [IDC] chairman Allison Towlson, discussing the state of the IDC’s advocacy for the entire Bermuda market.
And John Wight, the president of Bermuda Insurance Institute (BII) — a school for insurance studies — announced that a highly successful underwriting conference which showcased an array of underwriting talent last September will now become an annual event.
In addition, BIMA and the BII are poised for a one-day Captive Education Summit this May for insurance and investment managers, auditors, actuaries, lawyers, bankers and others involved in the industry.
The report from outgoing BIMA president Thomas McMahon, president of Cedar Management Limited stated that Bermuda took a bold leadership position in seeking Solvency II equivalency, affording other captive domiciles the luxury of waiting on the sidelines for the outcome.
Mr. McMahon said, “There is no doubt we are in a changing environment, where change is inevitable. The best way to embrace change is to be in a position to define what that change should be. To do that, one has to be engaged.”
New President Mr. Bird said that he inherits an industry body more fully involved with the variety of industry issues. And he agreed with Mr. McMahon that the Bermuda Captive Conference [BCC] is growing in stature as a centre for industry learning.
Mr. Bird also noted that through the conference, BIMA and the IDC have been able to expand the Bermuda Captive Seminars series, delivering strategic captive solutions to risk managers in several North American cities.
