Spring 2014 Bermuda Re/insurance+ILS 3
markets, but none has been more compelling than that with London. Close links have been forged across the Atlantic and the London market continues to complement the activities of teams in Hamilton at companies that are synonymous with Bermuda, but increasingly global in reach.
B Lloyd’s continues to represents an attractive and complementary
addition to any re/insurer’s group operations, but its significance looks set to grow as the market explores emerging market opportunities and new, more esoteric lines. Whereas in the past London may have seen itself as the leading centre for re/insurance, it has been forced to adapt to changing economic patterns: of a shift in economic resources from West to East and from North to South. Lloyd’s efforts to realign itself are in many ways encapsulated in its Vision 2025 project, but it is evident from talking with those within the market that its participants will play a leading role in developing opportunities in emerging markets and in driving premium growth in lines such as fine art, contingent business interruption and terrorism.
A global remit Lloyd’s Vision 2025 document speaks of the need to develop
regional hubs and deeper, local links with emerging markets, and talking with Darren Powell, active underwriter at Allied World’s syndicate 2232 it is apparent that the syndicate’s own plans embody much of the thinking behind Vision 2025. Since its entry into the market three-and-a-half years ago, the syndicate’s focus has been on developing business in Latin America and Asia Pacific, leveraging Lloyd’s network of global licenses. Powell said that Lloyd’s had welcomed this focus from the outset; one that fits well with the market’s long-term ambitions. As he explained, Lloyd’s global licenses, brand, technical framework and capital efficiency make the London market a compelling prospect for those looking to develop an international book of business.
Talking with key players at Lloyd’s with strong links with Bermuda, we
address the value the market delivers to its participants and zero in on specific lines that are a compelling fit to an increasingly global marketplace.
James Skinner, active underwriter at Talbot spoke in a similar vein
about the accordant strategies of Talbot and Lloyd’s as the syndicate pursues global opportunities. “As emerging markets develop, business will increasingly stay locally and not come to London”, said Skinner. This will necessarily drive and sustain the development of the hub approach that Lloyd’s is presently pursuing, which will in turn create line and territory-specific opportunities for Lloyd’s players. Skinner said that re/insurers will nonetheless have to show commitment to these emerging hubs, but it is evident from talking with those in the market that locations such as Singapore (where Lloyd’s has a growing presence) and Miami are being treated increasingly seriously. Allied
ermuda has enjoyed a close partnership with a number of
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