A.M. BestTV: ‘We Are Going to Make the Bermuda Market Work Better,’ Says Bermuda’s Premier

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, at the recent Bermuda Captive Conference, insurers said they expect the island will remain a leading global domicile because of its infrastructure, regulatory system and new government. Bermuda Premier David Burt also attended the conference and spoke with the insurance community. Click on http://www.ambest.com/v.asp?v=bcc1917 to view the entire program.

Burt, who became premier in July 2017, said that he wants the new government to help enable Bermuda’s market to improve its performance.

“We believe that we provide advantages to the world. We want to encourage more people to live, work and invest in Bermuda.”

Kiernan Bell, chairman, Bermuda Business Development Agency, highlighted Bermuda’s excellent reputation with captives.

“Bermuda has an excellent regulator, as well as a massive amount of knowledge, which it has acquired over its 50 years of regulating captives,” said Bell. “Bermuda has over $34 billion in gross premiums written into it from North American captives. This money is safe, available if needed, and the regulator knows how to market the capital of the entities that it regulates. The regulator makes certain that these entities know how to respond if any event occurs where that capital is required.”

For exclusive executive interviews from the 2017 Bermuda Captive Conference, visit http://www.ambest.tv/bcc17.

Other people that appear in this episode:

David Gibbons, managing director, PwC Bermuda; and
Michael Burns, group managing partner, Aquifer Global Group.

Recent episodes of ^A.M.BestTV include:

WSIA Members Say Time Was Right for Convergence: Attendees to the Wholesale & Specialty Insurance Annual Marketplace, said market evolution and increasing overlap between members of the National Association of Professional Surplus Lines Offices and the American Association of Managing General Agents compelled the formation of the combined organization: http://www.ambest.com/v.asp?v=wsia2917.
Surplus Lines Sector Grows, But Not All Competitors, Says A.M. Best Senior Analyst: At the 2017 Wholesale & Specialty Insurance Association's Annual Marketplace, David Blades, senior industry analyst, A.M. Best, discussed a recent Best’s Special Report on the U.S. surplus lines insurance sector, which stated that the industry showed continued growth in 2016. However, most of that growth was driven by a handful of U.S. insurers and Lloyd's organizations: http://www.ambest.com/v.asp?v=blades917.
Rendez-Vous: Modelers Warn About Surging Post-Catastrophe Costs: Modeling executives, along with Greg Carter, A.M. Best managing director, analytics, assess the long-term costs of recent U.S. storms, particularly amid Florida's complicated litigious environment, Texas' complex commercial facilities and the makeup of industry loss warrantees: http://www.ambest.com/v.asp?v=rvs5917.
Rendez-Vous: Reinsurance Outlook Remains Negative, but With Possible Upsides, Say A.M. Best Leading Analysts: Stefan Holzberger, senior managing director and chief rating officer, and Greg Carter, managing director, analytics, A.M. Best, reviewed the outlook for the reinsurance sector and how recent catastrophes could affect the market at the annual Rendez-Vous de Septembre conference: http://www.ambest.com/v.asp?v=rvs3917.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.