HAMILTON, Bermuda–(BUSINESS WIRE)–March 16, 2022–
The sold out Bermuda Business Development Agency (BDA) Bermuda Risk Summit was declared a huge success, with over 80 foreign delegates in attendance.
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The immediate economic impact of the event, which brought together a total of 350 delegates, including accommodation, transport, catering, retail and entertainment, was estimated at over $1 million. and supported approximately 200 jobs. Based on market feedback, dozens of additional visitors flew to Bermuda for business meetings around the event, bringing additional economic impacts to the island.
The deputy. Jason Hayward, JP, MP, Minister of Economy and Labor who attended the event said: “Congratulations to the BDA for hosting such a successful inaugural event which had a positive impact on the economy and the community of Bermuda. Bermuda remains the world’s venture capital, and for decades Bermuda-based insurers have been leaders in the global reinsurance industry. It was a pleasure to meet and hear first-hand updates from some of the world’s leading risk and regulatory experts. The government and the Bermuda Monetary Authority (BMA) play a vital role in the success of Bermuda’s insurance industry and remain a committed partner in supporting the growth of the industry.
David Hart, CEO of BDA, said: “We received fantastic feedback for playing a leading role in organizing the first in-person risk event since 2019. A recurring theme throughout the event was how great it was to get off zoom and see each other again. in person after such a long absence. We have always hoped that this event would provide an opportunity for Bermuda’s risk industry to start charting the way forward together and come together ahead of the mid-year renewal season. We look forward to building on this success by making our second annual event from March 6-8, 2023, even bigger and better next year.
The Risk Summit was launched by a “seaside” conversation between the Premier of Bermuda, the Hon. David Burt, Justice of the Peace, MP, and Mr. Hart. In his remarks, Premier Burt said, “Thank you to everyone who visits us, but also thank you to our risk industry which throughout this pandemic has been the bedrock of support within the community. .. This government’s goal as we move beyond the pandemic is to ensure that Bermuda maintains its leadership at all levels and remains the most competitive place to deploy capital.
The beachside discussion was followed by a panel comprised of global CEOs, including Albert Benchimol, Chairman and CEO of Axis; Stephen Catlin, President and CEO, Convex; Marc Grandisson, CEO, Arch Capital Group; Chris Schaper, CEO, AIG Re; and Megan Thomas, CEO, Hamilton Re. In his remarks, CEO Panel Moderator John Huff, CEO of the Association of Insurers and Reinsurers of Bermuda (ABIR), welcomed the three Bermuda College students sponsored by the ‘ABIR in the audience. Also in the audience was a group of Eastern Kentucky University risk and insurance students who traveled especially for the event and to learn more about the globally significant risk industry at Bermuda.
Day two began with a breakfast on terrorism risk from Julian Enoizi, CEO of Pool Re, and was followed by panels featuring rating agencies, brokers, life and a legislative update from Florida. Day two ended with an incredible lunch with Aon President Eric Andersen.
Our final day began with a Florida risk keynote by Joseph Petrelli, President of Demotech, followed by panels on Captives, Cyber, InsurTech and Insurance Linked Securities (ILS). Day three ended with remarks on an upcoming ESG benchmarking survey in Bermuda by Miqdaad Versi, Head of ESG, Oxbow Partners, UK.
The BDA thanks our Diamond Sponsors, ABIR, Aon and EY, our Gold Sponsor Appleby and our Silver Sponsors Ariel Re, Kirkland & Ellis, KPMG and SiriusPoint. We were also fortunate to have Bermuda Brokers, Florida Insurance Council, Kettle, Meenan PA and Goslings as additional event sponsors. Our media partner was The Insurer. The Bermuda Risk Summit was a SafeKey event.
The BDA encourages direct investment and helps businesses start, relocate or expand their operations in our premier jurisdiction. As an independent public-private partnership, we connect you with industry professionals, regulators and key contacts within the Bermuda government to help you make domicile decisions. Our objective? To make doing business in Bermuda smooth and profitable.
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CONTACT: Stuart Roberts, Director of Communications and Public Relations
[email protected], +1 441 292 7444
KEYWORD: CARIBBEAN UNITED STATES BERMUDA NORTH AMERICA FLORIDA
SECTOR KEYWORD: FINANCE CONSULTANCY PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES INSURANCE
SOURCE: Bermuda Business Development Agency
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PUBLISHED: 03/16/2022 15:51 / DISK: 03/16/2022 15:51