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.