PwC Insurance Summit, · 2018-12-20 · PwC Insurance Summit, presented with the Financial Times...
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PwC Insurance Summit, presented with the Financial Times November 1, 2018 The Fairmont Hamilton Princess Hotel, Bermuda Strategies for Success in the New Reality Conference highlights and videos
Transcript of PwC Insurance Summit, · 2018-12-20 · PwC Insurance Summit, presented with the Financial Times...
PwC Insurance Summitpresented with the Financial Times
November 1 2018
The Fairmont Hamilton Princess Hotel Bermuda
Strategies for Success in the New Reality
Conference highlights and videos
Bermudarsquos premier reinsurance forum took place this year against a backdrop of new market realities as reinsurers continued to grapple with record catastrophes thin rate increases an abundance of alternative capital and technological disruption In order to keep pace therersquos an urgency to become technology-driven and reinsurers have moved quickly to harness developments in artificial intelligence data analytics blockchain and other solutions to drive both cost savings and growth going forward This has required a rethink not only of how innovation leaders identify opportunities ripe for disruption but also how to bring an entire organization up to speed as the risk landscape and reinsurance market changes Our annual PwC Insurance Summit heard from the industryrsquos leading voices on their organisationsrsquo strategies to adapt and
thrive in the fast evolving insurance and reinsurance market
wwwpwccombminsurance
Over that last decade we have witnessed significant transformative change within the industry and at PwC we believe that both the speed and magnitude of change to come will revolutionise how the business of commercial insurance and reinsurance is conducted
- Arthur Wightman PwC Bermuda leader
lsquo
lsquo
Thematically when PwC conducted our last Global CEO Survey we coined the phrase the lsquoanxious optimistrsquo and in speaking with CEOs it is clear that there are a lot of disruptive forces that preoccupy their attention That said in equal measure confidence does abound that opportunities are out there and that they are meaningful Some 90 of CEOs are confident about their revenue prospects over the next three years
- Arthur Wightman PwC Bermuda leader
ltClick here for video of Arthur Wightmanrsquos opening remarksltClick here for video of keynote speaker Eric Andersen Co-President Aon
lsquo
lsquo
Our panel of Chief Executive Officers discussed their outlook for the sector perspectives on how business and operating models must adapt strategies for remaining competitive in the current environment and where they see opportunities for sustained future growth Marc Grandisson President amp CEO Arch Capital GroupKathleen Reardon Chief Executive Officer Hamilton Re Moderated by Arthur Wightman Insurance Leader PwC Bermuda
ltClick here for video of this panel
CEO Dialogue Charting a Course for the Future
As market realities shift Chief Financial Officers must be prepared to reassess and perhaps rebalance investment priorities risks and opportunities Industry-wide structural changes are pushing margins down and continued cost savings are critical yet new product development and technology innovation require significant investment Some reinsurers are looking to the capital markets to fund growth and free up balance sheets while others are looking for partnerships and strategic investors who may provide access to new streams of revenue How are reinsurers balancing current operating needs with future prospects for growth Which areas of the reinsurance value chain are already seeing meaningful ROI Which areas are still ripe for innovation and investment This panel of leading CFOs shared insight into the many financial and non-financial KPIs that drive business performance and profitability in todayrsquos rapidly changing environment
Mario Bonaccorso Chief Financial Officer PartnerRe Stephen Robb Chief Financial Officer AXA XL Jeff Sangster Former Chief Financial Officer Validus Holdings Ltd Moderated by Matthew Britten PwC Bermuda Partner Insurance
ltClick here for video of this panel
CFO Dialogue Steering the Business Towards Profitable Growth
In reflecting on the panel I am going to walk away with a sense of growing but cautious optimism built upon the view that the industry is poised to capitalize on the potential that technological advancement can bring to solve important problems such as narrowing the protection gap and developing and pricing the products that are needed to address the emerging intangible risks that customers are facing However insurers and reinsurers need to increase their flexibility and willingness to experiment and take risks to ensure that these advancements do not remain only around the edges There are significant growth opportunities for insurers and reinsurers in assisting governments in de-risking narrowing the protection gap and developing new products to address emerging intangible risks such as cyber
- Matthew Britten PwC Bermuda Partner Insurance
lsquo
lsquo
We heard during the Summit about the critical role MampA is playing in shaping the insurance sector today and how this importance stretches far further than simply achieving the goal of top line growth MampA is seen as critical for a number of reasons including achieving an optimal capital structure realizing the benefits of a diversified product portfolio to meet customer needs and to take advantage of the capital benefits and also to provide the infrastructure to successfully compete on the global stage and meet the growing regulatory requirements
- Matthew Britten PwC Bermuda Partner Insurance
The influence of the capital markets along with investor demand for catastrophe bonds and other securitized insurance products continues to grow and some argue this is only the tip of the iceberg What lessons have seasoned ILS investors learned from recent heavy catastrophe losses and where may they be looking for further diversification within the ILS asset class itself Our experts discussed trends in the risk transfer market the symbiotic relationship between traditional reinsurance and alternate capital and what to expect going forward as the ILS market matures
David Gibbons Lead Insurance and Assurance Partner PwC Bermuda Jay Green Managing Director GC Securities Richard Lowther Chief Operating Officer Hiscox Re Insurance Linked Strategies Laura Taylor Managing Partner amp Chief Financial Officer Nephila Capital Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Doubling Down on Alternative Capital
CFO Dialogue Steering the Business Towards Profitable Growth
lsquo
lsquo
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Bermudarsquos premier reinsurance forum took place this year against a backdrop of new market realities as reinsurers continued to grapple with record catastrophes thin rate increases an abundance of alternative capital and technological disruption In order to keep pace therersquos an urgency to become technology-driven and reinsurers have moved quickly to harness developments in artificial intelligence data analytics blockchain and other solutions to drive both cost savings and growth going forward This has required a rethink not only of how innovation leaders identify opportunities ripe for disruption but also how to bring an entire organization up to speed as the risk landscape and reinsurance market changes Our annual PwC Insurance Summit heard from the industryrsquos leading voices on their organisationsrsquo strategies to adapt and
thrive in the fast evolving insurance and reinsurance market
wwwpwccombminsurance
Over that last decade we have witnessed significant transformative change within the industry and at PwC we believe that both the speed and magnitude of change to come will revolutionise how the business of commercial insurance and reinsurance is conducted
- Arthur Wightman PwC Bermuda leader
lsquo
lsquo
Thematically when PwC conducted our last Global CEO Survey we coined the phrase the lsquoanxious optimistrsquo and in speaking with CEOs it is clear that there are a lot of disruptive forces that preoccupy their attention That said in equal measure confidence does abound that opportunities are out there and that they are meaningful Some 90 of CEOs are confident about their revenue prospects over the next three years
- Arthur Wightman PwC Bermuda leader
ltClick here for video of Arthur Wightmanrsquos opening remarksltClick here for video of keynote speaker Eric Andersen Co-President Aon
lsquo
lsquo
Our panel of Chief Executive Officers discussed their outlook for the sector perspectives on how business and operating models must adapt strategies for remaining competitive in the current environment and where they see opportunities for sustained future growth Marc Grandisson President amp CEO Arch Capital GroupKathleen Reardon Chief Executive Officer Hamilton Re Moderated by Arthur Wightman Insurance Leader PwC Bermuda
ltClick here for video of this panel
CEO Dialogue Charting a Course for the Future
As market realities shift Chief Financial Officers must be prepared to reassess and perhaps rebalance investment priorities risks and opportunities Industry-wide structural changes are pushing margins down and continued cost savings are critical yet new product development and technology innovation require significant investment Some reinsurers are looking to the capital markets to fund growth and free up balance sheets while others are looking for partnerships and strategic investors who may provide access to new streams of revenue How are reinsurers balancing current operating needs with future prospects for growth Which areas of the reinsurance value chain are already seeing meaningful ROI Which areas are still ripe for innovation and investment This panel of leading CFOs shared insight into the many financial and non-financial KPIs that drive business performance and profitability in todayrsquos rapidly changing environment
Mario Bonaccorso Chief Financial Officer PartnerRe Stephen Robb Chief Financial Officer AXA XL Jeff Sangster Former Chief Financial Officer Validus Holdings Ltd Moderated by Matthew Britten PwC Bermuda Partner Insurance
ltClick here for video of this panel
CFO Dialogue Steering the Business Towards Profitable Growth
In reflecting on the panel I am going to walk away with a sense of growing but cautious optimism built upon the view that the industry is poised to capitalize on the potential that technological advancement can bring to solve important problems such as narrowing the protection gap and developing and pricing the products that are needed to address the emerging intangible risks that customers are facing However insurers and reinsurers need to increase their flexibility and willingness to experiment and take risks to ensure that these advancements do not remain only around the edges There are significant growth opportunities for insurers and reinsurers in assisting governments in de-risking narrowing the protection gap and developing new products to address emerging intangible risks such as cyber
- Matthew Britten PwC Bermuda Partner Insurance
lsquo
lsquo
We heard during the Summit about the critical role MampA is playing in shaping the insurance sector today and how this importance stretches far further than simply achieving the goal of top line growth MampA is seen as critical for a number of reasons including achieving an optimal capital structure realizing the benefits of a diversified product portfolio to meet customer needs and to take advantage of the capital benefits and also to provide the infrastructure to successfully compete on the global stage and meet the growing regulatory requirements
- Matthew Britten PwC Bermuda Partner Insurance
The influence of the capital markets along with investor demand for catastrophe bonds and other securitized insurance products continues to grow and some argue this is only the tip of the iceberg What lessons have seasoned ILS investors learned from recent heavy catastrophe losses and where may they be looking for further diversification within the ILS asset class itself Our experts discussed trends in the risk transfer market the symbiotic relationship between traditional reinsurance and alternate capital and what to expect going forward as the ILS market matures
David Gibbons Lead Insurance and Assurance Partner PwC Bermuda Jay Green Managing Director GC Securities Richard Lowther Chief Operating Officer Hiscox Re Insurance Linked Strategies Laura Taylor Managing Partner amp Chief Financial Officer Nephila Capital Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Doubling Down on Alternative Capital
CFO Dialogue Steering the Business Towards Profitable Growth
lsquo
lsquo
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Thematically when PwC conducted our last Global CEO Survey we coined the phrase the lsquoanxious optimistrsquo and in speaking with CEOs it is clear that there are a lot of disruptive forces that preoccupy their attention That said in equal measure confidence does abound that opportunities are out there and that they are meaningful Some 90 of CEOs are confident about their revenue prospects over the next three years
- Arthur Wightman PwC Bermuda leader
ltClick here for video of Arthur Wightmanrsquos opening remarksltClick here for video of keynote speaker Eric Andersen Co-President Aon
lsquo
lsquo
Our panel of Chief Executive Officers discussed their outlook for the sector perspectives on how business and operating models must adapt strategies for remaining competitive in the current environment and where they see opportunities for sustained future growth Marc Grandisson President amp CEO Arch Capital GroupKathleen Reardon Chief Executive Officer Hamilton Re Moderated by Arthur Wightman Insurance Leader PwC Bermuda
ltClick here for video of this panel
CEO Dialogue Charting a Course for the Future
As market realities shift Chief Financial Officers must be prepared to reassess and perhaps rebalance investment priorities risks and opportunities Industry-wide structural changes are pushing margins down and continued cost savings are critical yet new product development and technology innovation require significant investment Some reinsurers are looking to the capital markets to fund growth and free up balance sheets while others are looking for partnerships and strategic investors who may provide access to new streams of revenue How are reinsurers balancing current operating needs with future prospects for growth Which areas of the reinsurance value chain are already seeing meaningful ROI Which areas are still ripe for innovation and investment This panel of leading CFOs shared insight into the many financial and non-financial KPIs that drive business performance and profitability in todayrsquos rapidly changing environment
Mario Bonaccorso Chief Financial Officer PartnerRe Stephen Robb Chief Financial Officer AXA XL Jeff Sangster Former Chief Financial Officer Validus Holdings Ltd Moderated by Matthew Britten PwC Bermuda Partner Insurance
ltClick here for video of this panel
CFO Dialogue Steering the Business Towards Profitable Growth
In reflecting on the panel I am going to walk away with a sense of growing but cautious optimism built upon the view that the industry is poised to capitalize on the potential that technological advancement can bring to solve important problems such as narrowing the protection gap and developing and pricing the products that are needed to address the emerging intangible risks that customers are facing However insurers and reinsurers need to increase their flexibility and willingness to experiment and take risks to ensure that these advancements do not remain only around the edges There are significant growth opportunities for insurers and reinsurers in assisting governments in de-risking narrowing the protection gap and developing new products to address emerging intangible risks such as cyber
- Matthew Britten PwC Bermuda Partner Insurance
lsquo
lsquo
We heard during the Summit about the critical role MampA is playing in shaping the insurance sector today and how this importance stretches far further than simply achieving the goal of top line growth MampA is seen as critical for a number of reasons including achieving an optimal capital structure realizing the benefits of a diversified product portfolio to meet customer needs and to take advantage of the capital benefits and also to provide the infrastructure to successfully compete on the global stage and meet the growing regulatory requirements
- Matthew Britten PwC Bermuda Partner Insurance
The influence of the capital markets along with investor demand for catastrophe bonds and other securitized insurance products continues to grow and some argue this is only the tip of the iceberg What lessons have seasoned ILS investors learned from recent heavy catastrophe losses and where may they be looking for further diversification within the ILS asset class itself Our experts discussed trends in the risk transfer market the symbiotic relationship between traditional reinsurance and alternate capital and what to expect going forward as the ILS market matures
David Gibbons Lead Insurance and Assurance Partner PwC Bermuda Jay Green Managing Director GC Securities Richard Lowther Chief Operating Officer Hiscox Re Insurance Linked Strategies Laura Taylor Managing Partner amp Chief Financial Officer Nephila Capital Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Doubling Down on Alternative Capital
CFO Dialogue Steering the Business Towards Profitable Growth
lsquo
lsquo
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Our panel of Chief Executive Officers discussed their outlook for the sector perspectives on how business and operating models must adapt strategies for remaining competitive in the current environment and where they see opportunities for sustained future growth Marc Grandisson President amp CEO Arch Capital GroupKathleen Reardon Chief Executive Officer Hamilton Re Moderated by Arthur Wightman Insurance Leader PwC Bermuda
ltClick here for video of this panel
CEO Dialogue Charting a Course for the Future
As market realities shift Chief Financial Officers must be prepared to reassess and perhaps rebalance investment priorities risks and opportunities Industry-wide structural changes are pushing margins down and continued cost savings are critical yet new product development and technology innovation require significant investment Some reinsurers are looking to the capital markets to fund growth and free up balance sheets while others are looking for partnerships and strategic investors who may provide access to new streams of revenue How are reinsurers balancing current operating needs with future prospects for growth Which areas of the reinsurance value chain are already seeing meaningful ROI Which areas are still ripe for innovation and investment This panel of leading CFOs shared insight into the many financial and non-financial KPIs that drive business performance and profitability in todayrsquos rapidly changing environment
Mario Bonaccorso Chief Financial Officer PartnerRe Stephen Robb Chief Financial Officer AXA XL Jeff Sangster Former Chief Financial Officer Validus Holdings Ltd Moderated by Matthew Britten PwC Bermuda Partner Insurance
ltClick here for video of this panel
CFO Dialogue Steering the Business Towards Profitable Growth
In reflecting on the panel I am going to walk away with a sense of growing but cautious optimism built upon the view that the industry is poised to capitalize on the potential that technological advancement can bring to solve important problems such as narrowing the protection gap and developing and pricing the products that are needed to address the emerging intangible risks that customers are facing However insurers and reinsurers need to increase their flexibility and willingness to experiment and take risks to ensure that these advancements do not remain only around the edges There are significant growth opportunities for insurers and reinsurers in assisting governments in de-risking narrowing the protection gap and developing new products to address emerging intangible risks such as cyber
- Matthew Britten PwC Bermuda Partner Insurance
lsquo
lsquo
We heard during the Summit about the critical role MampA is playing in shaping the insurance sector today and how this importance stretches far further than simply achieving the goal of top line growth MampA is seen as critical for a number of reasons including achieving an optimal capital structure realizing the benefits of a diversified product portfolio to meet customer needs and to take advantage of the capital benefits and also to provide the infrastructure to successfully compete on the global stage and meet the growing regulatory requirements
- Matthew Britten PwC Bermuda Partner Insurance
The influence of the capital markets along with investor demand for catastrophe bonds and other securitized insurance products continues to grow and some argue this is only the tip of the iceberg What lessons have seasoned ILS investors learned from recent heavy catastrophe losses and where may they be looking for further diversification within the ILS asset class itself Our experts discussed trends in the risk transfer market the symbiotic relationship between traditional reinsurance and alternate capital and what to expect going forward as the ILS market matures
David Gibbons Lead Insurance and Assurance Partner PwC Bermuda Jay Green Managing Director GC Securities Richard Lowther Chief Operating Officer Hiscox Re Insurance Linked Strategies Laura Taylor Managing Partner amp Chief Financial Officer Nephila Capital Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Doubling Down on Alternative Capital
CFO Dialogue Steering the Business Towards Profitable Growth
lsquo
lsquo
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
As market realities shift Chief Financial Officers must be prepared to reassess and perhaps rebalance investment priorities risks and opportunities Industry-wide structural changes are pushing margins down and continued cost savings are critical yet new product development and technology innovation require significant investment Some reinsurers are looking to the capital markets to fund growth and free up balance sheets while others are looking for partnerships and strategic investors who may provide access to new streams of revenue How are reinsurers balancing current operating needs with future prospects for growth Which areas of the reinsurance value chain are already seeing meaningful ROI Which areas are still ripe for innovation and investment This panel of leading CFOs shared insight into the many financial and non-financial KPIs that drive business performance and profitability in todayrsquos rapidly changing environment
Mario Bonaccorso Chief Financial Officer PartnerRe Stephen Robb Chief Financial Officer AXA XL Jeff Sangster Former Chief Financial Officer Validus Holdings Ltd Moderated by Matthew Britten PwC Bermuda Partner Insurance
ltClick here for video of this panel
CFO Dialogue Steering the Business Towards Profitable Growth
In reflecting on the panel I am going to walk away with a sense of growing but cautious optimism built upon the view that the industry is poised to capitalize on the potential that technological advancement can bring to solve important problems such as narrowing the protection gap and developing and pricing the products that are needed to address the emerging intangible risks that customers are facing However insurers and reinsurers need to increase their flexibility and willingness to experiment and take risks to ensure that these advancements do not remain only around the edges There are significant growth opportunities for insurers and reinsurers in assisting governments in de-risking narrowing the protection gap and developing new products to address emerging intangible risks such as cyber
- Matthew Britten PwC Bermuda Partner Insurance
lsquo
lsquo
We heard during the Summit about the critical role MampA is playing in shaping the insurance sector today and how this importance stretches far further than simply achieving the goal of top line growth MampA is seen as critical for a number of reasons including achieving an optimal capital structure realizing the benefits of a diversified product portfolio to meet customer needs and to take advantage of the capital benefits and also to provide the infrastructure to successfully compete on the global stage and meet the growing regulatory requirements
- Matthew Britten PwC Bermuda Partner Insurance
The influence of the capital markets along with investor demand for catastrophe bonds and other securitized insurance products continues to grow and some argue this is only the tip of the iceberg What lessons have seasoned ILS investors learned from recent heavy catastrophe losses and where may they be looking for further diversification within the ILS asset class itself Our experts discussed trends in the risk transfer market the symbiotic relationship between traditional reinsurance and alternate capital and what to expect going forward as the ILS market matures
David Gibbons Lead Insurance and Assurance Partner PwC Bermuda Jay Green Managing Director GC Securities Richard Lowther Chief Operating Officer Hiscox Re Insurance Linked Strategies Laura Taylor Managing Partner amp Chief Financial Officer Nephila Capital Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Doubling Down on Alternative Capital
CFO Dialogue Steering the Business Towards Profitable Growth
lsquo
lsquo
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
We heard during the Summit about the critical role MampA is playing in shaping the insurance sector today and how this importance stretches far further than simply achieving the goal of top line growth MampA is seen as critical for a number of reasons including achieving an optimal capital structure realizing the benefits of a diversified product portfolio to meet customer needs and to take advantage of the capital benefits and also to provide the infrastructure to successfully compete on the global stage and meet the growing regulatory requirements
- Matthew Britten PwC Bermuda Partner Insurance
The influence of the capital markets along with investor demand for catastrophe bonds and other securitized insurance products continues to grow and some argue this is only the tip of the iceberg What lessons have seasoned ILS investors learned from recent heavy catastrophe losses and where may they be looking for further diversification within the ILS asset class itself Our experts discussed trends in the risk transfer market the symbiotic relationship between traditional reinsurance and alternate capital and what to expect going forward as the ILS market matures
David Gibbons Lead Insurance and Assurance Partner PwC Bermuda Jay Green Managing Director GC Securities Richard Lowther Chief Operating Officer Hiscox Re Insurance Linked Strategies Laura Taylor Managing Partner amp Chief Financial Officer Nephila Capital Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Doubling Down on Alternative Capital
CFO Dialogue Steering the Business Towards Profitable Growth
lsquo
lsquo
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
The ILS market has shown itself to be both relevant and reliable After the tragic natural disasters in 2017 and 2018 the ILS market has been there to pay claims and there continues to be an influx of capital to back the renewals of these covers So far in 2018 there has been over $10 billion in catastrophe bond covers written the ILS fund market stands at well over $100 billion and expanding the definition of ILS to PampC and Life run off books shows even more growth as both of these segments show the highest level of incorporations in the Bermuda market
Further innovation in the ILS sector has assisted in global humanitarian efforts in light of natural disasters Parametric triggers combined with advanced data analytics and modelling allow the payment of claims at a far faster pace than traditional loss contingent covers so that money can be distributed as soon as it is needed after droughts hurricanes or earthquakes Two very meaningful examples of this already happening include the African Risk Capacity Insurance and the Caribbean Catastrophe Risk Insurance Facility This alternative capital isnrsquot quite as alternative Itrsquos an increasingly large portion of the insurance and reinsurance market globally And itrsquos a true form of capital thatrsquos supporting a large part of the globe against significant disasters
- David Gibbons PwC Bermuda ILS leader
lsquo
lsquo
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Distributed ledger technologies undeniably have the potential to greatly streamline existing workflows accelerate information and money flows and bring cost savings but blockchain has yet to be implemented at scale in any industry What have early adopters learned from the recent trials and prototypes in reinsurance The Honorable Wayne Caines Minister of National Security The Government of Bermuda Susan Joseph North America Representative B3i Andre McGregor Partner and Global Head of Security TLDR Capital and Former FBI Cyber Special Agent Moderated by George Thomas Senior Advisor Advisory Services PwC Bermuda
ltClick here for video of this panel
Spotlight on Blockchain Strategies for the Road Ahead
lsquo
lsquo
From our panel we learnt that the Government of Bermuda is dedicated to being a leader in digital asset businesses actively shaping the regulatory landscape for this rapidly evolving sector Due to these efforts and our long-standing gold-standard regulatory reputation Bermuda is attractive to innovative companies like Andre McGregorrsquos firm TLDR which is building world-class custody solutions designed to meet the needs of the worldrsquos largest institutions and high-net-worth individuals From our panellist Susan Joseph of B3i we learnt real world implementation lessons and questions that need to be addressed before embarking on a blockchain initiative A key point is that insurance and blockchain will be inextricably linked going forward for two reasons Many of the workflows processes and data exchanges in insurance readily lend themselves to implementing blockchain as a technology solution Non-insurance industry related blockchain solutions will require insurance if they are to achieve scale
- George Thomas PwC Bermuda Senior Advisor
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
In an effort to modernize and keep pace with a rapidly evolving marketplace leaders often cite the importance of repositioning their firms as tech companies operating in their respective industries But what does it mean to truly think and operate as a technology driven reinsurance company As a first step what organizational and technological capabilities are most critical for implementing successful digital transformation How are new and emerging technologies such as artificial intelligence and blockchain enabling the industry to optimize processes for doing business in a fast-paced digital world Michael Doyle SVP Operations Ariel Re Jonathan Spry CEO Envelop Risk Analytics Craig Swan Managing Director Supervision Bermuda Monetary Authority Blythe Walker CTO Renaissance Re Moderated by Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
Is the Insurer of the Future a Tech Company
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Thatrsquos why Bermuda has been so successful Government does not make the decisions on the directions where we want to go Government works with industry to understand what it is thatrsquos needed in order to make sure that we can remain that centre of innovation
- Premier David BurtThe Honorable E David Burt Premier and Minister of Finance The Government of Bermuda In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video
Keynote Embracing the Rising Tide of Innovation
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Though last yearrsquos US Tax Cuts and Jobs Act has arguably lessened the tax advantages to being domiciled in Bermuda the insurance and reinsurance stronghold remains a key market and insurers are making moves to ensure they are well-positioned for profitability over the long- term Some with significant US operations are choosing to retain more business and capital in the US while others are restructuring to cede business to newly formed US-taxpaying entities As focus turns to implementation of the new law and other practical matters experts discussed strategies for the road ahead
Michael Cooze Group Tax Director amp Investments Chief Operating Officer PartnerRe John Huff President amp CEO Association of Bermuda Insurers and Reinsurers Moderated by Scott Slater Partner International Tax Services PwC Bermuda
ltClick here for video of this panel
Spotlight on US Tax Reform Strategies for the Road Ahead
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
The nature of risk is changing often in ways that are difficult to quantify and may currently seem inconsequential But newly developing and changing risks could yet have a major impact on both society and the industry What themes are emerging as insurance and reinsurance firms increasingly wade into new underwriting territory Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Panel Discussion This panel of experts discussed trends in new product development and underwriting for example looking at climate-related risk cybersecurity and other new technologies How are firms expanding their risk modeling capabilities in the absence of historical data What can be done to close the protection gap and drive the demand side of the market David Bigley Executive Vice President Chief Underwriting Officer and Head of Global Catastrophe Reinsurance Sompo International Judy Gonsalves Vice President Chubb Group and Division President Chubb Bermuda Annette Kurtzweil Chief Risk Officer Swiss Re Corporate Solutions North America Noel Pearman Senior Vice President Cyber Product Line Leader XL Bermuda Moderated by Sujeet Indap US Editor of the Lex Column Financial Times
ltClick here for video of this panel
Venturing into the Realm of Known Unknowns Emerging Risks Insights
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
Michael Butt Chairman of the Board AXIS Capital Holdings In conversation with Robert Armstrong US Finance Editor Financial Times
ltClick here for video of this panel
An Industry Perspective Considerations for the Future
At PwCour purpose is to build trust in society and solve important problems Wersquore a network of firms in 158 countries with more than 250000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at wwwpwccombmPwC refers to the Bermuda member firm and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see wwwpwccomstructure for further details copy 2018 PricewaterhouseCoopers Ltd (a Bermuda limited company) All rights reserved
