Bermuda Reinsurance Conference 2014

The forces driving change in the reinsurance market have intensified in the past year. But reinsurers are evolving and innovating, resulting in a more sophisticated, better equipped and efficient market today, the ninth annual Bermuda Reinsurance Conference heard.

The challenges facing CEOs – including low interest rates, low growth, abundance of capital, customers who are demanding even more specialised, creative and finally targeted solutions, and brokers placing business towards narrowing panels of reinsurers with the highest rating or greatest expertise – were all part of the discussions at the Island’s premier reinsurance forum.

Sponsored by PwC Bermuda and Standard & Poor’s Ratings Services, and titled Charting a Strategic Course in Unsettled Waters, the event was held this year on November 12 at Pier 6,  Front Street, Hamilton.

More than 200 reinsurance industry leaders and professionals were joined by senior credit analysts from Standard & Poor’s and leaders from PwC’s reinsurance practice for six informative and interactive panel discussions.

Click here for a summary report (PDF) of the Bermuda Reinsurance Conference 2014

Watch & Listen    Click here for videos of the panels

Welcome & guest speaker remarks

Stephen Catlin, Chief Executive Officer, Catlin Group Ltd says he believes some of the fear that has been propagated is unfounded. “I think there is a danger of us speaking the market down when we should be trying to speak the market to be stable.” he said. Mr Catlin was the guest speaker at the 2014 Bermuda Reinsurance Conference.

Arthur Wightman, Territory and Insurance Leader, PwC Bermuda
Stephen Catlin, Chief Executive Officer, Catlin Group Ltd
Bernard de Longevialle, Managing Director and Lead Analytical Manager, Financial Services Ratings, Standard & Poor's Ratings Services

View from the Top

As soft pricing persists and growth opportunities remain elusive are reinsurers being prompted to re-evaluate their strategies? Our panel of Chief Executives discussed these questions together with the actions reinsurers must take to remain relevant and drive competitive differentiation in an increasingly crowded market place.

Moderator: Taoufik Gharib, Director, Standard & Poor’s Ratings Services
Costas Miranthis, President and Chief Executive Officer, PartnerRe Ltd
Jeremy Pinchin, Chief Executive Officer, Hiscox Re
Don Kramer, Chairman and Chief Executive Officer, ILS Capital Management Ltd
Arthur Wightman, Territory and Insurance Leader, PwC Bermuda

Re-balancing Risk and Return Across the Whole Balance Sheet

In an environment of depressed pricing and low interest rates, reinsurers seeking risk adjusted returns are focusing on the agility and responsiveness of both their investment and underwriting strategies to changing market conditions and opportunities.

Moderator: Scott Watson-Brown, Asset Management Leader, PwC Bermuda
Aurora Swithenbank, Managing Director and Co-Head of Insurance Structured Finance, Goldman Sachs
John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer, Third Point Re
John Rathgeber, Chief Executive Officer, Watford Re Ltd

Navigating the Course: The CFO Perspective

With confluence of current market dynamics, the level of transactional activity, the required focus on capital management, the pace of regulatory change, and the increasing focus on technology and data, the need for strong financial and strategic stewardship is at an all-time high.

Moderator: Kevin Ahern, Managing Director, Standard & Poor’s Ratings Services
Joe Henry, Chief Financial Officer, Axis Capital Holdings Ltd
Mike McGuire, Chief Financial Officer, Endurance Specialty Holdings Ltd
Jason Porter, Director, Standard & Poor’s Ratings Services

Wall Street Meets Front Street

How do institutional investors assess the variety of reinsurance asset classes that are available, and how do investment decisions vary with changes in the reinsurance cycle? As the abundance of capital creates supplier-demand disruption and compresses margins, is the influx of capital set to slow?

Moderator: Arthur Wightman, Territory and Insurance Leader, PwC Bermuda
Jay Cohen, Managing Director, Bank of America Merrill Lynch Global Research
Michael Hamer, Partner, Albourne Partners Ltd
Jeff Sangster, EVP and Chief Financial Officer, Validus Holdings Ltd

The Structural Evolution

Does the rapid pace of structural innovation in the market reflect that reinsurers recognise that efficient capital management and capacity deployment is now as important as the delivery of knowledge and underwriting excellence? Are third party capital strategies a competitive advantage for reinsurers or is the offering of rated and collateralised products now a necessary part of a reinsurer’s strategy to remaining relevant?

Moderator: Gary Martucci, Director, Standard & Poor’s Ratings Services
Aditya Dutt, President, Renaissance Underwriting Managers Ltd
Bill Pollett, President and Chief Executive Officer, Blue Capital Management Ltd
Guy Swayne, Managing Principal, Nephila Capital Ltd

Product Innovation & Distribution

Investors currently benefit from a variety of options or vehicles in which to deploy capital seeking reinsurance correlated returns. But has the innovation in serving the needs of the buyer kept pace with the innovation in serving the needs of the investors?

Moderator: Matthew Britten, Managing Director, Insurance, PwC Bermuda
Charles Cooper, President and Chief Underwriting Officer, XL Re Ltd
Kean Driscoll, CEO, Validus Reinsurance Ltd
Tom Hulst, CEO, Ariel Re
Kathleen Reardon, Chief Executive Officer, Hamilton Re


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