Successful Eighth Year Of Convergence Event
On October 6-8, more than 400 attendees from 15 different countries tuned in for the first virtual ILS Bermuda Convergence event.
A spokesperson said, “While the event was virtual, we continued to host great panel sessions, keynote speakers and online networking opportunities for our attendees.
“Initial feedback from delegates and sponsors indicates Convergence 2020 was a resounding success and remains one of the most important global events for the sector.
“Expectations were exceeded with the number of delegates along with a record number of guests from overseas including from: Australia, Bermuda, Canada, Cayman Islands, Germany, Guernsey, Hong Kong, Ireland, Malaysia, Netherlands, Singapore, Spain, Switzerland, United Kingdom, USA.”
Kathleen Faries, ILS Bermuda Chair, said: “Convergence 2020 was certainly a challenge this year with the travel restrictions related to the Covid Pandemic. However, risk mitigation is the business we are in and so we set about hosting a virtual event that was a great success for all involved.
“Attendees benefitted from some great panel discussions and keynote speakers who provided insight into the latest trends, innovation and developments. The ILS Bermuda committee is honoured to have hosted our eighth event, which exceeded our expectations on support and attendance for our first virtual conference. It’s clear there are still great hurdles to resuming pre-Covid activities, but we hope to be able to welcome you in person next year in Bermuda.”
The spokesperson added, “Bermuda plays a key role in the global market as a leader in ILS. The idea of anchoring Bermuda as a centre of excellence for the creation and listing of ILS structures and hosting an event in Bermuda was conceived by ILS Bermuda Ltd., which is comprised of industry executives working together on a volunteer basis to promote Bermuda’s expertise in the industry. The Bermuda Business Development Agency [BDA], as well as overseas and local corporate sponsors supported the event.
“Bermuda Finance Minister, Curtis Dickinson, opened the event with welcome remarks to delegates. Panel sessions included industry leaders’ views on wind, earthquakes, floods and fire, climate change, ESG and InsurTech as well as insight from investors and managers.
“Keynote Speaker Dr. Marshall Shepherd, a world-renowned scientist, best-selling author, host and world-class communicator offered the latest insights in climate science and weather from his view as a leading international expert in atmospheric sciences.
“Dr. Parag Khanna’s presentation was entitled: “You Don’t Get to Pick Your Crisis: Covid-19, Climate Change & The Complex Future.” Dr. Khanna discussed megatrends, systemic risks, and disruptions that are colliding as never before, making it ever more difficult to predict the future and laid out an interdisciplinary approach and scenarios for investors to consider.
“The final day speaker was Dr. Shalini Vajjhala, Founder & CEO, re:focus partners, who presented on linking physical and financial resilience: the next frontier for ESG investing.
“Bermuda continues to maintain its position as the leading jurisdiction for the issuance of ILS. The Bermuda Stock Exchange accounted for approximately 95% of the global market capitalisation of ILS at the end of the third quarter of 2020.”
Greg Wojciechowski, President and CEO of the Bermuda Stock Exchange [BSX] and sponsor of the event stated: “Bermuda has always been at the centre of innovation in the insurance and reinsurance world. As the “World’s Risk Capital”, Bermuda is the leading and fastest growing jurisdiction for the creation, support and listing of Insurance Linked Securities [ILS].
“Global issuance of ILS was approximately $42 billion at the end of Q3, 2020 and the BSX is by far the world’s leading exchange for ILS, including listings from other jurisdictions, with more than 500 listed issuers and $39.6 billion in market capital outstanding at end of September 2020.
“ILS vehicles have also been identified as sustainable investments that provide resilience and help communities recover following natural disasters and the effects of climate change. Our ability to continue to provide a solid commercial platform, supported by world class infrastructure and a well-respected regulatory framework, will ensure that Bermuda remains at the forefront of this market and its transformation for many years to come.”
“Bermuda is well placed to lead transformation both due to its history of facilitating innovation and the wealth of industry knowledge and expertise on the island. Thanks to established relationships, infrastructure and technical expertise, Bermuda will continue to adapt and drive the growth of the ILS industry.
The spokesperson said, “Fermat Capital Management, LLC is a platinum sponsor for the event and a spokesperson for the company said, “Fermat Capital Management, LLC is very pleased to be a lead supporter of the Convergence 2020 virtual event.
“We recognize the commitment and dedication of ILS Bermuda in promoting the ILS asset class through the annual Convergence conference. This year, as every year since 2013, Convergence creates a great opportunity to engage with the industry and its leaders and features impressive speakers, and topical and thoughtful discussions, for our market.”
Roland Andy Burrows, CEO of the Bermuda Business Development Agency [BDA] said, “As a founding sponsor the BDA is proud to support Convergence, now in its eight year, and we are delighted to be able to provide a virtual platform to ensure the all-important connections and conversations continue as we navigate the ongoing pandemic together Bermuda is a world-leading financial jurisdiction with a track-record in originating creative solutions for industry issues. The Bermuda market remains the leading jurisdiction for ILS issuances and is perfectly positioned to help drive its continued evolution and growth.”
