A new study by InsuranceLinked estimates that 38% of global ILS fund assets are managed by firms that are headquartered in Bermuda. Specialist ILS funds and related service providers employed approximately 400 people in Bermuda at the end of 2015 - up 30% over the previous 12 months. The study highlights the breadth and depth of the island's expertise in 'alternative' reinsurance.
The study identified three key pillars: insurance-linked fund managers and funds; insurance-linked assets; and service providers that work with both. It presents the results of a survey that was completed by the majority of the ILS funds and service providers in Bermuda.
Greg Wojciechowski, Bermuda Stock Exchange CEO commented, “The data directly reflects the work that’s been done to provide an efficient and sophisticated commercial platform for products and services in the convergence space. It says a lot about Bermuda’s capability as a jurisdiction and underscores the unique set of variables that must be present and have come together in Bermuda to support this evolutionary force in the reinsurance sector.”
Adam Alvarez, InsuranceLinked Principal said "We were extremely pleased to be asked to run the first, comprehensive study of Bermuda’s ILS market. The findings confirmed our hypothesis that Bermuda is the world’s number-one choice for ILS fund managers and service providers. We also found Bermuda is continuing to win the war on talent. The continued inflow of new expertise will ensure Bermuda leads the way for the global ILS market for many years to come.”
Posted: Monday, July 25th, 2016