Jason Hayward (pictured above), minister of Economy and Labor for Bermuda, will participate in a virtual roundtable discussion next month to mark the launch of the Association of Bermuda Insurers and Reinsurers (ABIR)’s free online foundational insurance course.
The event, titled "Socio-economic Impact of International Business in Bermuda," will serve as the opening session for the fifth annual “Special Topics in Insurance” program, offered in partnership with Bermuda College and the Maurice R. Greenberg School of Risk Management, Insurance, and Actuarial Science at St. John’s University in New York.
Joining Hayward in the discussion will be Mark Cloutier, incoming chair of ABIR and executive chairman and group CEO of Aspen; Craig Simmons, economist and retired senior lecturer at Bermuda College, who will also lead the course; and Collin Anderson, ABIR’s director of policy and regulation, who will moderate the session. The roundtable will take place virtually on Jan. 13.
The discussion will explore the development of Bermuda’s re/insurance market over the past three decades, transitioning from its origins as a captive insurance and natural catastrophe reinsurance center to its current role as a diversified global hub.
Participants will also address challenges and opportunities facing the industry and discuss its socio-economic contributions to Bermuda.
Recent data from ABIR’s 19th Economic Substance Survey highlights the industry’s impact, revealing that ABIR member companies contributed more than $1 billion directly to the Bermuda economy. Contributions included spending on hospitality, travel, business services, construction, and real estate.
Member companies also employed 2,140 full-time staff in Bermuda, nearly 70% of whom are Bermudians, spouses of Bermudians, or permanent resident certificate holders.
The roundtable will be the first of 14 Monday evening sessions in the “Special Topics in Insurance” course. Topics for the program include climate change, catastrophe reinsurance, cyber risk, captive insurance, collateralized reinsurance, life insurance, Bermuda’s ties to the Lloyd’s of London market, artificial intelligence, regulation, careers in re/insurance, diversity, equity, and inclusion, and runoff insurance.
Speakers will include executives from ABIR member companies, representatives from the Bermuda Monetary Authority, and faculty from St. John’s University.
This year’s program also features new partnerships with Lloyd’s and The Institutes Knowledge Group, a provider of online education and certifications in risk management and insurance. Each will host a session in the 14-week course.
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