Updated: Sep 20, 2022 5:45 PM
Natasha Scotland-Courcy, Senior Vice President, General Counsel and Chief Operating Officer, at Athene
Darryl Herrick, President of Global Atlantic Re
Three main factors have driven the growth of the island’s long-term sector over the past 10 years, a panelist told attendees of the 2022 Bermuda International Life and Annuities Conference Monday at Rosewood Bermuda.
Darryl Herrick, President of Global Atlantic Re, said the emergence of much more talent in the life insurance and annuities industry, the development of an economic balance sheet framework by the Bermuda Monetary Authority and Above all, the global recognition of Bermuda’s regulatory regime, which is well regarded internationally, has propelled the sector forward.
Mr. Herrick was speaking on the panel “Bermuda and How It Fits into the Global Economy” at the conference presented by the Bermuda International Long-Term Insurers and Reinsurers organization.
He was joined on the panel by Amy Ponnampalam, CEO of Athora Life Re Ltd; Niall O’Hare, founder and CEO of Triangle Life; and Martin Maringi, deputy director of supervision, insurance, at the Bermuda Monetary Authority.
The panel was moderated by Natasha Scotland-Courcy, Senior Vice President, General Counsel and Chief Operating Officer, at Athene.
A decade ago, Mr Herrick said, the sector had fewer companies and they were mostly made up of three to five people, but now it was common to find companies with 20 to 50 or more employees.
He said Global Atlantic had hired junior-to-mid-level Bermudians, while other industry workers came from overseas, and some came from the island’s property and casualty insurance industry.
Ms Scotland-Courcy noted the growing use of sidecars in the industry, and Mr Herrick said the larger workforce is needed “to be able to successfully operate a sidecar in a prudent manner”.
Ms. Ponnampalam said that ten years ago the sector was focused on the North American market, but now it has a global position.
Mr Maringi, for the regulator, said the BMA’s main task was to protect policyholders – and added that education played a huge role in its mandate, especially when it came to innovative structures such as sidecars.
Panelists agreed that the Bermuda sector can look forward to the next 10 years with optimism.
Mr O’Hare said: “I only see the future as bright.”
Mr Maringi said the industry has a responsibility to policyholders for the promises it has made.
He added: “I think the next decade will depend on how we fulfill this responsibility.”
Amy Ponnampalam, CEO of Athora Life Re Ltd
Martin Maringi, Deputy Director of Supervision, Insurance, Bermuda Monetary Authority
Niall O’Hare, founder and CEO of Triangle Life
