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Risky Business A U.S. and Bermuda Under 40s (Re)Insurance Collaboration Inaugural Edition |
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Bermuda U40s: A Year in Review By Spencer Conway, Chairman of the Bermuda Under 40s Re/Insurance Group
Last year was an astoundingly successful year for the Bermuda Under 40s with our group embracing a new energy and direction. In this article I will provide a brief history of the Bermuda Under 40s and revisit the highlights of our achievements last year. Brief History of the Bermuda Under 40s Our group was started over coffee in early 2003 by Brendan Plessis (now a Senior Vice President at Willis Re), Rachael Hayward and Vicky Benevides (AVP Underwriter at XL Insurance). The trio had been aware of the long established London Under 35’s Reinsurance Group which had been formed in 1972 and this had motivated them to establish a similar group in Bermuda. The main objective was to create an open forum for discussion and networking between “up and coming” (re)insurance executives in Bermuda. Our group incepted as the Bermuda Re/Insurance Under 35s Group in May 2004. We have always been a non-profit organization and our primary aim has always been to promote and foster interest and knowledge in all areas of (re)insurance by providing a forum between members for topical comment and educational and networking opportunities. The Group grew from strength to strength and our past Chairpeople were Brendan Plessis, David DeCosta, Neil Hitchcock and Rachael Hayward. I became Chairman in September 2008. We now have over 275 members and have become a successful and well established organization within the (re)insurance industry in Bermuda. The Committee: Who are we? The present Committee consists of the following: · Chairman: Spencer Conway, Modelling Analyst, Lancashire Insurance Company Ltd; · Treasurer: Mark Pomeroy, Casualty Reinsurance Underwriter, American Safety Re; · Communications Officer: Kayla Roberts, Account Executive, Crump International Ltd.; · Education Officer: Katie Tornari, Senior Associate, Marshall, Diel & Myers; · Social Officer / Tour Leader – Julia Mather, Director, Miller Bermuda Limited; · Chris Dart, Reinsurance Broker, Guy Carpenter, Bermuda; · Scott Gemmell, Senior Vice President, Marsh, Bermuda; and · Nekisha Tyrell, Underwriting Executive, HSBC Insurance Management (Bermuda) Limited. Re-branding Contrary to speculation, we did not change our name as a result of our Committee members getting too old to continue to be on the Committee. We were approached by the President of the U.S. Reinsurance Under 40s Group, Inc, Brian Green, (who is also a former colleague of our now Education Officer, Katie Tornari) to affiliate with our Group. Given the close connection between the (re)insurance industries in Bermuda and the U.S., it made sense for us to align ourselves with the newly-formed U.S. group. Accordingly, we re-branded as the Bermuda Under 40s Re/Insurance Group. Our main objective was to work together with the U.S. Group to strengthen our ties and provide both groups with a transatlantic forum to assist us in achieving our aims and to create a global platform of educational and networking opportunities for our members. To celebrate our re-branding as the Bermuda Under 40s we hosted a “re-launch” party at The Lemon Tree on September 18th, 2008. The happy hour was well-attended and was well received by the industry and the Bermuda press. It also presented an excellent opportunity for our members to catch up with industry peers. London Tour Since our formation, it has been the aim of the Bermuda Under 40s to organize a tour every two years. In May 2006, the Bermuda Under 40s took a group on a tour of the U.S. to educate them about the (re)insurance industry in the U.S. Neil Hitchcock was the tour organizer and leader and he arranged visits with industry delegates in Boston, Chicago and New York. Last year, in October 2008 we continued with this objective and took a diverse group working in the Bermuda market to London. The tour was organized by our Social Officer, Julia Mather. As a result of Julia’s excellent organization skills and connections in London, she successfully led a diverse group of 16 insurance executives around EC3. The purpose of the London trip was to give young professionals working in the Bermuda (re)insurance industry the opportunity to compare and contrast the Bermuda market with the London market. By learning about the London market, the aim was that the young professionals would develop a greater understanding of how business was written elsewhere and about their competition. It also gave some of those on tour a better idea of how their clients or newly acquired Lloyd’s syndicates functioned. Quiz Nights Our quiz nights have become an institution within the Bermuda market and last year’s quiz night was organized by Mark Pomeroy and Scott Gemmell. Panel Discussion The Panel Discussion on “The Bermuda (Re)Insurance Market – A view of the Future” took place in November 2008 and was organized by Katie Tornari, our Education Officer. This was the first time that we had hosted such an event and due to its success, we are aiming to organize a bigger black tie event this year. The panel consisted of: · Rees Fletcher, President and Chief Executive Officer, ACE Bermuda; · David Bell, Chief Operating and Administrative Officer, Allied World; · Frank Majors, Principal and Co-Owner, Nephila; · Greg Hendrick, President and Chief Underwriting Officer, XL Re Ltd; · Jill Elizabeth Husbands, Bermuda Head of Office, Managing Director, Marsh Management Services (Bermuda) Ltd.; · Tony Fox, Deputy Chairman, Guy Carpenter, Bermuda; · Charles Thresh, Managing Director, KPMG Advisory Ltd.; · James Kent, Executive Vice President, Willis Re Bermuda Limited · Gino Smith, Assistant Vice President and Underwriter, XL Re Ltd. (Moderator). Our title could not have been any more topical given the global economic crisis and President Obama having just been elected as the next US President. Tickets sold out within a day and those who attended felt that they had left with a better appreciation of some of the ongoing concerns that the Bermuda (re)insurance market was facing. We would like to express our appreciation to our panel for an insightful and honest discussion about the future of the Bermuda (re)insurance market. What Next? Last year was a pivotal year for our group. So far, this year we have already hosted our first Quiz night and have collaborated with the U.S. Re Under 40s Group on this joint newsletter. We are excited about the year ahead. Our next upcoming events are: · May 5th: Happy Hour at Latin’s Rumbar to celebrate the launch of our newsletter and welcome the Lloyd’s Non-Marine Under 30s Group to Bermuda; · July 4th: Golf Day; · September 4th: AGM / Happy Hour; · October: Quiz Night; and · November: Panel Discussion. We owe a huge thank you to the support of our members and everyone on the Committee for all of their hard work and dedication throughout the year. We will continue to build upon this success throughout the rest of 2009 and beyond. If you would like to learn more about our group, please check out our website: www.bermudaunder40s.com or join our group on Facebook. Kind Regards, Spencer Conway |
