THE FUTURE OF INSURANCE

The BDA

Ross Webber

CEO, Bermuda Business Development Agency

Innovation has always been the currency of Bermuda’s economic success. Long before we became a modern international finance centre, Bermudians invented a new breed of sailing sloop, a better-tasting onion, even a fashionable alternative to the humble pair of shorts.

Bermuda can count an impressive track record of ‘firsts’—the world’s first captives, the first true excess liability carriers, the first property-casualty insurers and cat bonds. The global insurance capacity crunch of the 1980s was solved here; Bermuda-born alternative risk-financing is now forging the future.

Our jurisdiction is renowned as a market of ideas, a hub of intellectual capital and entrepreneurial energy. Look around the city of Hamilton and you’ll find novel thinking and out-of-the-box alternatives. Bolstering our well-established industries, newer entrants are choosing Bermuda as a home jurisdiction and diversifying our economy. Technology start-ups, life-science companies, e-commerce entities and nearshore initiatives are being attracted by the same innovative spirit that has helped our more traditional industries flourish for decades.

At the Bermuda Business Development Agency (BDA), we are proud of this creative legacy and work to encourage continued innovation across all sectors. This is why bringing an event to Bermuda such as this one, focusing thought leadership on fast-evolving fields like insurtech, fintech and regtech, makes sense. Insurance, along with financial services generally, will be substantially transformed by these technological innovations. Bermuda is committed to remaining at the forefront, pioneering new methods and strategies as a pro-active driver of what’s now accepted as the “next industrial revolution.”

We are, therefore, very pleased to partner with Global Reinsurance and welcome this new conference to our market. As a forum for progressive thinking around topics of such mutual interest, this event promises to be a dynamic catalyst for bringing together like minds and spurring the inevitable wealth of innovation to come.


BERMUDA INNOVATION & INSURTECH IS SUPPORTED BY

 

OUR BACKGROUND

The BDA is an independent, public-private partnership funded by both the Bermuda government and the private sector. Established in April 2013, the agency is led by a chief executive officer and governed by a Board of Directors comprising senior industry professionals representing the diversity of Bermuda’s financial services sector.

OUR GOAL

The BDA works closely with Bermuda’s public and private sectors to help empower the economy and enhance the island’s global reputation. Our overall mission is to retain and create jobs, promote inward investment, and grow Bermuda’s GDP through targeted business development initiatives.

HOW WE OPERATE

The BDA acts as a partner for existing Bermuda-based companies, and assists entities that are considering establishing operations in the domicile. We connect prospective companies with industry partners and relevant representatives in the Bermuda Monetary Authority (BMA) and the Bermuda government’s Business Development Unit, making formal introductions, trouble-shooting and following up with clients to simplify the process.

OUR FOUR PILLARS

The BDA has segmented our business development efforts into four distinct pillars, or industry areas of focus: Risk (insurance, reinsurance, captives, ILS); Asset Management; Trust & Private Client; and International Commerce (biotech, shipping, superyachts, aviation, e-commerce). These are key sectors of the Bermuda marketplace, or areas for potential growth, and the BDA has separate business development managers, strategies and goals for each.

OUR INDUSTRY FOCUS GROUPS

We leverage the expertise of invited focus groups comprising leading industry professionals. Through regular discussions and strategy sessions, these groups cultivate innovation and explore potential business opportunities for the island. For example, our Legal Focus Group and Legislative Change Committees are instrumental in ensuring Bermuda maintains a competitive legal and regulatory environment. Our focus group members also join BDA-led webcasts, webinars, overseas roadshows and other jurisdictional initiatives.

OUR CONCIERGE SERVICE

Our Concierge Service provides a one-stop-shop for businesses considering relocating or starting up operations in Bermuda. The BDA Concierge team is the primary point of contact to connect clients with industry professionals, government and regulatory officials, and service providers such as realtors, law firms, auditors and relocation experts. Our goal is to help get your business off the ground quickly and make doing business in Bermuda beneficial and straightforward.

OUR AMBASSADORS

BDA Abroad is our alumni group for overseas Bermudians and former Bermuda residents, or others with a corporate connection. This LinkedIn members-only group allows invitees to stay connected to the island’s business community by networking with industry professionals familiar with the market. Our ambassadors help spread the word about our world-class jurisdiction. They receive Bermuda news and invitations to events, and can join online discussions. To join BDA Abroad, go to this page and click Join.

MEET SOME OF THE BDA TEAM…


CHIEF EXECUTIVE OFFICER

ROSS WEBBER

Ross Webber joined the BDA as CEO in 2014, having served as a Board Director since inception. Under his tenure, the BDA has achieved business development successes across multi-industry sectors, including new company formations, job creation and five consecutive quarters of national GDP growth. The agency has also won strong support from government, regulatory and corporate stakeholders. Notably, Ross has been a strong advocate overseas for the jurisdiction’s blue-chip reputation, compliance and transparency. A former permanent secretary for the Bermuda government’s Ministry of Economic Development, Ross was previously head of global marketing and business development for international law firm Conyers Dill & Pearman. He holds an MBA in Insurance and Financial Risk Management from St. John’s University, New York, and is a member of the Institute of Directors (MIoD).

T: +1 441 296 5725
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BUSINESS DEVELOPMENT MANAGER

KEVIN RICHARDS

Kevin joined the BDA in 2015, bringing more than nine years of financial services experience, including two as marketing manager at GE Canada. Previously, Kevin spent two years in London with GE Capital International, and also worked for five years in the insurance industry with ACE Group in London and Bermuda. Kevin holds a BA and MBA degree from the University of Notre Dame, Indiana. At the BDA, Kevin is responsible for shipping and aircraft finance sectors.

T: +1 441 278 6552
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BUSINESS DEVELOPMENT MANAGER

JEREME RAMSAY

Jereme’s experience spans financial services, in both asset management and retail banking. At HSBC, he oversaw strategic planning and marketing governance for retail and wealth management divisions, and was also e-sales manager. He holds a BA degree from Mount Saint Vincent University in Halifax, Nova Scotia, and an MBA in Marketing Management from the University of Liverpool Management School (ULMS), UK, and is a Chartered Marketer and Member of the Chartered Institute of Marketing. At the BDA, Jereme is responsible for our Risk Solutions pillar and works with BDA reinsurance, insurance, captives, and insurance-linked securities sectors.

T: +1 441 278 6557
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HEAD OF CONFERENCE & EVENTS

NICOLE CONRAD MORRISON

Nicole is an accomplished advertising, marketing and multi-media professional with over 18 years’ international experience in producing events from live television broadcasts, corporate events to national advertising campaigns. Nicole oversees all conferences and events for the BDA, raising the profile of each industry sector and ensuring creative input, as well as top-quality representation at every event.

T: +1 441 278 6555
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HEAD OF BUSINESS DEVELOPMENT

SEAN MORAN

Sean Moran is Head of Business Development at the BDA, responsible for supervising the team of business development managers and coordinators. Sean joined the BDA as a Business Development Manager in August 2014. Sean has more than 20 years of financial services experience, including three years as vice president of Citi Hedge Fund Services for Citigroup, New York. Prior to Citi, Sean held , senior roles with Butterfield Fulcrum Group as director of business development and with HSBC Alternative Fund Services as client relationship manager in New York and Hong Kong. Sean holds a BA (Hons) degree from Queen’s University, Kingston, Ontario. Within the business development team at the BDA, he is also responsible for the agency’s Asset Management and Trust & Private Client sectors. He works with industry focus groups to create strategies to help businesses set up and grow in Bermuda.

T: +1 441 292 4203
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CONSULTANT

JOHN NARRAWAY

John is a veteran of the entrepreneurial and mobile technology scene in Bermuda, having created technology-based ventures and held C-level positions in both private and publicly-traded companies. He is the co-founder and Executive Vice President of Saker Aircraft that is developing the world’s first personal supersonic jet. He also founded Midori Ventures, a company that is designing electric-transport solutions, including the AMP Motorcycle. John is Chair of TEDxBermuda, which has hosted thought-leadership events on the island for the past six years.

T: +1 441 292 0632
M: +1 414 255 7671
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BUSINESS DEVELOPMENT COORDINATOR

MARK DARKO

 

Mark joined the BDA in 2016 with London-based experience in the investment banking sphere, primarily in bonds, equities and derivatives. He holds a BA (Hons) degree in Business Management from Westminster University, UK. At the BDA, Mark is responsible for supporting the Business Development Manager for the Risk Solutions sector, focusing specifically on captive insurance, healthcare, and the ILS market.

T: +1 441 278 6559
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HEAD OF COMMUNICATIONS AND MARKETING

ROSEMARY JONES

Rosemary is a former newspaper, magazine and broadcast journalist with extensive experience in Toronto and Bermuda. A member of the Media Council of Bermuda, she spent the past two decades covering Bermuda’s international business sector in editorial features, publications/book projects, and corporate exhibits produced via her own company, Brimstone Media. At the BDA, she oversees all jurisdictional advocacy, public and media relations, speeches and thought-leadership, website content, social media, collateral and other marketing. She also manages the agency’s BDA Abroad stakeholders outreach programme via LinkedIn.

T: +1 441 278 6558
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35th AMERICA’S CUP 2017