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Alternative Market Briefing

Bermuda stakes claim as ILS hub

Wednesday, November 23, 2016

Bailey McCann, Opalesque New York:

Bermuda has taken over as the primary hub for insurance linked securities (ILS). The Bermuda Stock Exchange now accounts for more than 75 percent of the global market-cap of ILS issuance, according to recent data from the exchange. That position is likely to remain steady or even grow further, say delegates at the recent Opalesque Bermuda Roundtable.

"The ILS space has flourished over the last 3-4 years and this sub-segment of the asset management space has made Bermuda its location of choice," says Delegate Daniel Tafur, of Equilibria Capital Management. "The Bermuda asset management industry – whether it’s lawyers, auditors or other service providers – is experiencing growth and becoming increasingly sophisticated and effectively responding to the development and growth of the ILS business." Tafur adds that the growth of the ILS market in Bermuda now extends beyond just the reinsurance industry. He notes that because of Bermuda's position as an insurance industry leader the country has been able to respond quickly to expand its support of ILS.

Tarfur's points were echoed by Delegate Craig Bridgewater, of KPMG. "I think what sets Bermuda apart in the private equity space is that we have quite a bit of intellectual capital on the island, particularly from the insurance, reinsurance, and ILS sectors with particular observation of the convergence that is happening in those sectors with the broader asset management industry. ......................

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