HAMILTON, Bermuda--(BUSINESS WIRE)--The Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, has once again had a strong showing of overseas support, with 40% of its 450-plus delegate-list attending from overseas.
The immediate economic impact of the 2024 Bermuda Risk Summit, held at the Hamilton Princess & Beach Club, March 13-15, including lodging, transportation, food and beverage, retail and recreation was estimated at $3.4 million, supporting 432 jobs. Far more significant were the long-term economic benefits brought about by the additional visitors who flew to Bermuda for business meetings during the week of the summit.
Fiona Luck, Lloyd’s Council Member, Convex Group INED said, “I congratulate the BDA on another successful Bermuda Risk Summit, further cementing Bermuda’s position as a globally significant insurance and reinsurance centre. It was extremely gratifying to be able to make the exciting announcement at the summit about a commitment made between Lloyd’s of London and the Bermuda Monetary Authority (BMA) to enhance the sharing of risk expertise between the two markets via education academies and innovation through the Lloyd’s Lab and Bermuda Insurance Sandbox.”
Soraya Wright, Global Head of Corporate Risk & Claims, Amazon said, “The Bermuda Risk Summit reminded me of the foundation for which this market was established, and that is, to help clients manage and seek solutions for their most vulnerable global risk. The information that was shared was a reminder of the legacy that exists in Bermuda and is more crucial than ever because of the risks that we face today.”
John Huff, CEO, ABIR said, “In three short years, the Bermuda Risk Summit has established itself on the global calendar as the place to be for industry thought leaders, supervisors, stakeholders, and (re)insurance media. Once again, collaboration contributes to the Bermuda market’s value proposition and ABIR was pleased to join EY as a headline sponsor of the 2024 edition.”
David Hart, CEO, BDA said, “Each year, the Bermuda Risk Summit grows from strength to strength – this year we had a record number of US insurance regulators attend, including the heads of the National Association of Insurance Commissioners (NAIC) and Federal Insurance Office (FIO), US Department of Treasury. The thought leadership conversations taking place at our summit continue to progress and we were so proud that we were able to share Bermuda’s unparalleled risk expertise with the next generation, including over 20 students and faculty from Eastern Kentucky University, Florida State University and Bermuda College who received either complimentary or discounted registrations.”
Keynotes were provided by Bermuda’s Premier David Burt and Marc Grandisson, CEO, Arch Capital Group on day one, Soraya Wright, Global Head of Corporate Risk and Claims, Amazon and Patrick Tannock, CEO of AXA XL Insurance in Bermuda on day two, and Frank Schmid, Chief Technology Officer, Gen Re, and, Steven Seitz, Director, US Department of Treasury, Federal Insurance Office on day three.
A panel of Bermuda reinsurance CEOs began the conference by offered a unique perspective on ‘Putting Capital to Work’ while a stellar group of reinsurance royalty, including Sir John Swan and Brian O’Hara, described the origins of Bermuda’s risk market pre-Hurricane Andrew on day two. Generative AI, catastrophic cyber risk and geopolitics were all discussed on day three.
The BDA thanks our headline partners ABIR and EY, our gold sponsors AM Best, and SS&C Technologies, our silver sponsors Kirkland & Ellis and KBRA, our bronze sponsors Demotech, Docosoft, KPMG, Meenan P.A. and Teneo and supporting sponsors Advantage Go, Aon, Rein4ce and Walkers. Our airline partner was BermudAir and our spirits partner was Gosling’s.
Organising the BDA’s signature events aligns with the ‘Local and International Business Retention’ and ‘Business Attraction and Investment Promotion’ strategic priorities outlined in Bermuda’s Economic Development Strategy.
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