Polygon
(8-Feb-2021 | 19:25 | 27)
Bernews (8-Feb-2021): Covid-19: 1385 Results, 2 New Positives
The Ministry received 1385 test results and two were positive for Covid-19 _ one imported and one local transmission with known contact _ so Bermuda has recorded 694 total cases to date, and there are currently 11 active cases with three people in hospital.
A Government spokesperson said, “The Ministry of Health received 1385 test results since the last update, and two were positive for COVID-19. One of the new cases is classified as imported by a resident who arrived on AA308 from Miami on 6 February 2021 and tested positive on their arrival test. The other new case is classified as local transmission with known contact as they are associated with known cases.
"As a reminder to those who want to get vaccinated, there is an allocation strategy developed based on international best practices. It has prioritised groups who are most at risk of getting sick from COVID-19.
"Phase 1A is the staff and residents of our long term care facilities such as the Extended Care Unit of the Hospital,” explained the Minister of Health, Kim Wilson. “For nursing homes and assisted living centres, we have trained their nurses to administer the vaccine to those who volunteer to be vaccinated.”
"People who are 80 years or older are also encouraged to be vaccinated in this first group as well.”
"Following that, the vaccine will be available to everyone over the age of 18 [or over 16 with parental consent for the Pfizer vaccine] Phase 3.”
"The combination of getting vaccinated and following the Ministry of Health’s guidelines on how best to protect yourself and others will offer the best protection from COVID-19. So it remains important to avoid the three C’s, closed spaces, crowded places and close-contact settings, to practice physical distancing, wash and sanitise your hands, wear a face mask in public areas and download the WeHealth Bermuda app.”
"The COVID-19 vaccination registration form is back up after being unavailable this weekend due to upgrades."
https://bernews.com/2021/02/covid-19-1385-results-2-new-positives/
Bernews (8-Feb-2021): Commission On Retransmission Fee Increase
"The decision to increase fees was arrived at through careful and thoughtful deliberation by the Telecommunications Commission; how and if these allowed rates are passed on to the customer is a business decision of One Communication," the Commission explained today.
One Communications: $11.25 Per Month
The company said, "Following months of protracted negotiations between One Communications and Bermuda Broadcasting Company [BBC], the Telecommunications Commission set new rates for the retransmission of Channels 7 [ZFB] and 9 [ZBM]. The Commission’s final decision is retroactive in effect from November 1, 2020.
The BBC previously noted that the "decision to increase retransmission rates was made by the independent Telecommunications Commission" and the "BBC has lobbied for years for rates that more closely reflect market value and international industry standards, in light of the ever-increasing costs of purchasing and producing TV content, including the nightly local news and exclusive network affiliate programmes."
The Telecommunications Commission said, "In October 2020, One Communications advised the Telecommunications Commission that they had reached an impasse in negotiations under section 12 of the Cable Television Services Regulations 1987 during the ‘election period’ on retransmission consent.
"The salient matter was that the Bermuda Broadcasting Company was requesting a rate increase for the retransmission of their content, which is primarily the network affiliates’ costs for CBS and ABC content, and the production of local content. It is worth noting that BBC was successful in negotiating a rate for retransmission with the other local carriers.
https://bernews.com/2021/02/telecommunications-commission-rate-decision/
Bernews (8-Feb-2021): Joint Exercise, Bus Stalled, Collision & Delays
A joint exercise this morning [Feb 8] by the police and TCD "aimed at getting unlicensed and uninsured vehicles off the road" was "compromised" by a road traffic collision in Paget and a bus stalling at the roundabout which "resulted in problematic traffic delays for commuters."
A police spokesperson said, “The Bermuda Police Service [BPS], was this morning engaged in a joint exercise with the Transport Control Department [TCD], aimed at getting unlicensed and uninsured vehicles off the road in recognition of significant public concern towards responsible driving and road safety.
“However, what would normally have been a simple exercise was unexpectedly and significantly compromised by a road traffic collision in Paget resulting in injury to the road user as well as a Department of Public Transportation bus, stalling at the South Roundabout.
https://bernews.com/2021/02/joint-exercise-bus-stalled-collision-delays/
Bernews (8-Feb-2021): Vaccine Hotline Experiencing Technical Issues
The Bermuda Government Vaccine Hotline is "currently experiencing technical issues," officials have advised.
A spokesperson said, “The Bermuda Government Vaccine Hotline, 444-2498 and select option #2, is currently experiencing technical issues. At this time not all calls are being answered immediately. Some of the calls are going into the call queue and being routed to voice-mail.
Please also recall that you can register for the vaccine via the Government's online form here. According to the form, "Registration is now open to residents who are in Phase 1 or Phase 2 priority groups:
https://bernews.com/2021/02/vaccine-hotline-experiencing-technical-issues/
Bernews (8-Feb-2021): Public Urged To Take Part In Ocean Use Survey
The Bermuda Ocean Prosperity Programme [BOPP] is conducting an Ocean Use Survey and is inviting the public to participate by using an online tool to identify areas of importance and what activities are undertaken in, on and around Bermuda’s ocean.
A spokesperson said, "Bermudians are encouraged to share where they fish, where they surf, where they dive, and even their favorite ocean view. This data will help BOPP understand important areas for conservation, fishing, and recreation and will be combined with other data sets to inform the Marine Spatial Plan. This survey has been open since last fall and is on-going until its conclusion on February 15th, 2021. The survey can be found here ."
Minister of Home Affairs, the Hon. Walter Roban said; “As we near the conclusion of the Ocean Use Survey, I encourage every resident to take the Ocean Use Survey. We need your input to identify areas of importance. Each input collected will help us to better understand priority areas and ocean activities, and thus develop the best possible plan for Bermuda.”
Minister Roban added: “Stakeholder engagement is a critical component to the success of the Programme: It is important that we hear from you about what kind of future you wish to see for Bermuda. BOPP Site Manager Cheryl-Ann Mapp and Communications Coordinator Weldon Wade, along with other Programme leaders, will continue to engage stakeholders and connect with communities throughout the process to further share BOPP’s mission, answer questions, and ensure every voice is heard.”
https://bernews.com/2021/02/public-urged-take-part-ocean-use-survey/
Bernews (8-Feb-2021): Applications Open For Enterprise Incubator
Are you a start-up seeking to accelerate the growth of your business in its early years? Are you an early-stage entrepreneur looking for a nurturing environment to validate your business idea? If so, then submit your application for the fourth cohort of the Enterprise Bermuda Incubator.
This free incubator programme started by the Bermuda Economic Development Corporation [BEDC] in February of 2018 is a twelve-month incubation programme to support local entrepreneurs and the development of their businesses.
The BEDC said, "The Enterprise Bermuda Incubator is focused on walking participants through an in-depth twelve- month development process, to ensure that entrepreneurs get beyond the idea stage and start to bring their businesses to fruition. Eight successful applicants will receive assistance with analyzing and refining their business idea, so they can best determine if it will work in _ and beyond – the Bermuda market.
"Participants are provided with complimentary access to BEDC’s educational courses and programmes; free and subsidized office space; an assigned business development Officer and personalized mentoring with industry experts. In addition, successful applicants will receive access to pro-bono or subsidized services in areas such as marketing, accounting, legal support, and web development and more.
"With the third cohort ending, BEDC has seen eight new businesses launch and grow within Bermuda’s economic landscape. Since the commencement of the programme, twenty-two new businesses have been launched and 65+ jobs created as a result.
The third cohort saw the following businesses blossom:
"Kori Hypolite, the owner of Equilateral Studio, is helping clients develop strategies and design for better, stronger brands. She is working towards growing her business and has taken on the challenge of pivoting her business during Covid-19 to serve more clients and help more companies. "Gwendolyn Creary is the brilliant mind behind Parent Guide BDA _ an Infant and Early Childhood Mental Health Consultancy that partners with parents and early childhood professionals to improve the social, emotional and behavioural health of young children, birth to 8 years of age. Since joining BEDC's Enterprise Bermuda Incubator Programme, Gwendolyn has been fine tuning her business so that her wealth of knowledge and experience shines through. "Ranae Kai Bean is the heart of Spirit of Love [SOL]. Through SOL Renae works to coach others to live their absolute healthiest lives, incorporating the importance of love, exercise and nutrition into your every day life activities and experiences. "Dr. Jana Outerbridge, owner of Mayvera Wellness, designed a service that is committed to giving special attention to the healing, empowerment and development of women and girls. Jana is quickly growing her business, adapting to current times and has developed many virtual experiences. "Adam Johnson, founder of the Marooned Ocean Foundation continues to work to give back to the ocean and has set goals to be a part of the solution, solving the problem of the health of our oceans. "Tyun Smith-Ming has been working tirelessly on his business Drix Organic Medleys. Tyun began his journey by launching a great line of all-natural skin and hair products. He is now branching out into the organic juice world. "Zalika Millet developed her plan for Living, Learning, Legends – an alternative to traditional learning that is focused on building a curriculum for young children that encompasses all learning styles and strives to meet the needs of all students. "Marcelle Lawrence, owner of Eco Island Travel is working to further develop her business and bring it to the global market. Eco Island Travel aims to provide a platform to inspire, empower, and engage travellers and travel providers in practices that support sustainable travel goals. Marcelle has had to pivot her business because of Covid-19, but has done so gracefully and is currently working on developing new marketing strategies." “The Enterprise Bermuda Incubator has been more than a success. I have enjoyed working alongside my colleagues to assist these entrepreneurs grow their businesses,” says Jamillah Lodge, Director of Communication & Development at BEDC.
Marcelle Lawrence, owner of Eco Island Travel continues, “Participating in the EBI connected me to the invaluable resources offered by BEDC. From a wealth of courses, to connecting with other budding entrepreneurs, the expertise of the BEDC officers and quality office space and facilities, the EBI was a great place to test and launch my business ideas!”
https://bernews.com/2021/02/applications-now-open-enterprise-incubator-2/
Bernews (8-Feb-2021): Live Updates: Covid Tests, Vaccine, Regulations
[Updating] With Covid-19 cases escalating to over 650 total to date, vaccinations now underway, and frequent developments such a curfew, we are returning to the live updating format to ensure we provide timely updates and a quick summary of the latest developments always accessible.
We will still post articles as normal but will provide updates here as well. For all our coverage of Covid-19 click here , and for comprehensive in depth coverage spanning from March 2020 to present day, please see our dedicated website BermudaCovid.com
https://bernews.com/2021/02/live-updates-covid-19-cases-regulations/
Bernews (8-Feb-2021): Newsflash Video & Weekend Reports, Photos
This past weekend saw Francis Patton school hold their fundraising 'Longtail Plunge', the Governor and Deputy Governor receive their first dose of the Covid-19 vaccine, at least 11 people found in breach of curfew regulations and more. Links to our weekend coverage are below, click to view more.
News/Misc:
Govt: ‘Remember That Covid-19 Is Still A Threat’ Governor & Deputy Governor Receive Vaccine Premier Meets With Acting US Consul General 11 People Found To Be In Breach Of Curfew Column: Valentine’s Day Gifts & Pizza Class White Mountains Reports Fourth Quarter Results LOM Share Repurchases In January 2021 Black Pony Gallery Features Aimée Garcia Enstar Quarterly Preference Share Dividends Faulkenberry To Appear In Virtual Concert RenRe Announce $0.36 Quarterly Dividend Shipping Schedule: Week Starting February 6 Bermuda Stock Exchange Report: Feb 5 2021 Photos/Videos:
https://bernews.com/2021/02/weekend-reports-photos-videos-links-278/
Bernews (7-Feb-2021): Govt: 'Remember That Covid-19 Is Still A Threat'
"It is important to remember that Covid-19 is still a threat," the Government has advised.
In an online post, the Government said, "The government understands that many may have been hoping that all measures, including the curfew would have been relaxed completely, and therefore may be disappointed, that for now, it remains in place.
https://bernews.com/2021/02/govt-remember-that-covid-19-is-still-a-threat/
Bernews (6-Feb-2021): Governor & Deputy Governor Receive Vaccine
The Governor and Deputy Governor received their first dose of the Covid-19 vaccine this morning [Feb 6] at the Vaccination Centre in Prospect.
Government House posted the photos below online, saying, “This morning the Governor and Deputy Governor received their first Pfizer Covid-19 vaccination with the Department of Health at the Police Recreation Centre."
Governor Rena Lalgie said, “I’m delighted to join the growing numbers of people being vaccinated in Bermuda. I wish to thank all the staff for their professionalism, warm welcome and their patience. Before I have the second dose, I’m going to get some top tips from the Deputy Governor on how to enjoy the process a bit more.”
https://bernews.com/2021/02/governor-deputy-governor-received-vaccination/
Bernews (6-Feb-2021): 11 People Found To Be In Breach Of Curfew
A total of eleven individuals were last night found to be in breach of the current curfew regulations, the police have confirmed.
A police spokesperson said, “Despite an advisory put out by government that the current curfew regulations will remain in place for at least the next two weeks, a total of eleven individuals were last night found to be in breach of those regulations.
“The Bermuda Police Service [BPS], continued to carry out curfew checks at different locations across the island as part of efforts announced by Government to help stop the spread of the coronavirus.
“Please be aware, the curfew is in place from 12:00 a.m. to 5:00 am. Individuals out and about during these hours, without an official exemption as outlined in the curfew regulations could find themselves summonsed to appear before the courts.
“If you are not sure as to who is exempted or how to apply for an exemption letter, please visit here .
“The BPS wishes to remind that we all have a part to play in stopping the spread of the novel coronavirus disease [Covid-19] and abiding by the curfew regulations, is key to helping achieve that objective.”
https://bernews.com/2021/02/11-people-found-breach-curfew/
Bernews (8-Feb-2021): BCB Easter Cricket Camp To Be Held In April
The Bermuda Cricket Board announced that Chubb is sponsoring the 2021 Easter Cricket Camp that is taking place from April 5th to 9th, with the registration to begin on March 1st.
A spokesperson said, "The Bermuda Cricket Board [BCB] is pleased to announce the continuation of a partnership with global insurance company, Chubb.
Samantha Froud, Chief Administrative Officer, Chubb, Bermuda Operations, said: “Chubb is delighted to continue its support of the Bermuda Cricket Board Camp, a valuable youth development programme.
"The BCB Easter Camp is scheduled to take place from April 5 to 9, at the Warwick Academy Gym and Field. Covid-19 guidelines will be in place until further notice and directives are given by the Government of Bermuda.
https://bernews.com/2021/02/bcb-easter-cricket-camp-held-april/
Bernews (8-Feb-2021): STEP Bermuda Talk To Be Held On Feb 10
The Society of Trust and Estate Practitioners will be hosting a STEP Talk entitled ‘The Next Decade – What’s Coming Up?’ on Wednesday, February 10th.
A spokesperson said, "Please join for a free informative STEP Bermuda talk [proudly supported by the Bermuda Business Development Agency] taking place from 1:00pm _ 2:00pm on Wednesday 10th February 2021.
https://bernews.com/2021/02/step-bermuda-talk-held-feb-10/
Bernews (8-Feb-2021): Ecosystem Diagnostic Analysis Of Sargasso Sea
A $3 million GEF grant "accompanied by more than $25 million of co-financing from a wide range of partners, will finance a major Ecosystem Diagnostic Analysis of the Sargasso Sea, " the Sargasso Sea Commission announced today.
A spokesperson said, “Since 2014, the Sargasso Sea Commission has worked to conserve the Sargasso Sea, a unique haven of biodiversity in the northwest Atlantic Ocean, as a case study for high seas conservation.
"In March 2019, the Commission celebrated its 5th anniversary with a meeting held at the Bermuda Institute of Ocean Sciences in St George’s, to discuss next steps to strengthen the stewardship of the Sargasso Sea. As a result of this milestone workshop, the Commission, in tandem with its Signatory governments and partners, continued to explore the possibility of funding through the Global Environment Facility.
“In December 2020, the Commission, alongside the United Nations Development Programme and the Intergovernmental Oceanographic Commission, formally launched the preparations for a $3 million grant from the Global Environment Facility [GEF]. This project is the first-ever GEF grant designed to address governance of a high seas ecosystem."
“The $3 million GEF grant, accompanied by more than $25 million of co-financing from a wide range of partners, will finance a major Ecosystem Diagnostic Analysis of the Sargasso Sea and the Development of a Strategic Action Programme for the future stewardship and sustainable governance of the Sargasso Sea.
“The project will include representatives of the 10 Governments that have signed the 2014 Hamilton Declaration on Collaboration for the Conservation of the Sargasso Sea [led by the Government of Bermuda], the 7 members of the Sargasso Sea Commission established by the 2014 Declaration, and a wide range of partners, including the Bermuda Institute for Ocean Sciences, the Duke University Marine Geospatial Ecology Lab, Imperial College London, the University of Edinburgh, the World Maritime University, and the French Global Environment Facility [FFEM] [which is also financing a parallel project on high seas governance targeting the Sargasso Sea and the Thermal Dome in Central America].
https://bernews.com/2021/02/gef-support-sargasso-sea-project/
Bernews (8-Feb-2021): Official Govt & Legal Notices For Feb 8 2021
The official Government and Legal notices for today [Feb 8] include list of proposed planning applications.
List Of Proposed Planning Applications Advertised February 8, 2021
Notice Type: Government Notice Notice Sub Type: Notification Of Planning Applications Registered Notice ID: GN0130/2021 Public Authorities / Department: Planning Publication Date: 08 February 2021 Government Of Bermuda
https://bernews.com/2021/02/official-govt-legal-notices-feb-8-2021/
Bernews (8-Feb-2021): Ministry: 46 Bus Runs Cancelled On Monday
[Updated] The Ministry released the list of bus cancellations for this morning [February 8] with the list indicating that there are nine bus runs cancelled so far today.
https://bernews.com/2021/02/ministry-9-bus-runs-cancelled-monday-2/
Bernews (8-Feb-2021): Zoom Discussions: Dementia Care In Bermuda
The Ministry of Social Development and Seniors is collaborating with professionals who work with persons with Dementia related conditions, to enhance public awareness and education on Dementia Care in Bermuda.
Minister Tinee Furbert said, "On behalf of the Government of Bermuda, I want to thank the individuals and organisations that are assisting us in creating a supportive and engaging community that is Dementia caring."
In closing Minister Furbert stated, "There may be many factors that are out of our control; however, we look forward to using the valuable resources that are in our control to support the well-being of our community."
The Government added, "The Zoom Live Panel Discussions will be held on the following dates and times:
Dementia Training Resources Online Hiring In-Home Help Community Care Options/Day Care Emotional Well-Being Hotline Protection and Welfare Preventative and Advance Directives Power of Attorney "The Zoom Live Panel Discussions will also be broadcasted on The Government of Bermuda’s YouTube, Facebook Live, and CITV to ensure broad access and participation.
https://bernews.com/2021/02/zoom-discussions-dementia-care-bermuda/
Bernews (8-Feb-2021): Peters To Lead Chubb Tempest Re Bermuda
Chubb Tempest Re announced that Sam Peters has been named Division President of Chubb Tempest Re Bermuda, a global leader in the catastrophe reinsurance market.
A spokesperson said, “ Currently, Mr. Peters serves as Chief Actuary for both this business and for Chubb Bermuda, which provides excess casualty, professional liability and property products.
"In his new role, Mr. Peters will have management responsibility for Chubb Tempest Re Bermuda and the property catastrophe reinsurance solutions it provides to primary carrier clients around the world. The appointment, which is expected to be effective on March 1, is subject to approval by the Bermuda Department of Immigration."
Mr. Peters has 18 years of insurance industry experience. He joined Chubb in 2006 and has held a series of roles with increasing responsibility in the actuarial department. Prior to joining Chubb, Mr. Peters was an actuarial analyst with Amica Mutual Insurance.
He holds a Bachelor of Science degree in Business Administration from Bryant College in Rhode Island. He is a Fellow of the Casualty Actuarial Society [FCAS].
https://bernews.com/2021/02/sam-peters-lead-chubb-tempest-re-bermuda/
Bernews (7-Feb-2021): White Mountains Reports Fourth Quarter Results
White Mountains Insurance Group, Ltd. [WTM] reported book value per share of $1,259 and adjusted book value per share of $1,264 as of December 31, 2020.
Book value per share and adjusted book value per share both increased 15% in the fourth quarter of 2020. Book value per share and adjusted book value per share increased 23% and 24% in the year ended December 31, 2020, including dividends.
Results in the fourth quarter and year ended December 31, 2020 included $391 million and $746 million of net investment income and realized and unrealized investment gains from White Mountains’s investment in MediaAlpha, as well as $131 million from the release of a deferred tax liability as a result of an internal reorganization in connection with the MediaAlpha IPO.
https://bernews.com/2021/02/white-mountains-reports-fourth-quarter-results-4/
Bernews (6-Feb-2021): LOM Share Repurchases In January 2021
https://bernews.com/2021/02/lom-share-repurchase-january-2021/
Royal Gazette (8-Feb-2021): Strategic Risk Solutions establishing office in Guernsey
Strategic Risk Solutions, a provider of independent insurance management and consulting services, which has operations in Bermuda, is establishing an office in Guernsey.
The announcement comes just two weeks after SRS opened an office in Zurich, Switzerland.
The company said Peter Child has been appointed to the position of managing director, SRS Guernsey Management Ltd, and will be responsible for the development and oversight of SRS’s business in Guernsey.
Brady Young, chief executive officer of SRS, said: “We are pleased to be able to establish an office in Guernsey - a great place to do business, with its solid regulatory framework, strong infrastructure, and a vibrant and growing insurance market.
He added: “While we’ve developed an enduring presence in the US and international captive management sector, we’re now building a strong team in Europe and in the commercial insurance and insurance linked securities segments. Peter’s mandate includes establishing an office in Guernsey to support the development and management of insurance entities across all sectors in the domicile.
Born in England and raised in Guernsey, Mr Child began his insurance career in the early 1990s with Euler Hermes, a London-based trade credit and political risks underwriter. He worked in data analysis, sales and underwriting before returning to Guernsey in 2001 to take up the position of assistant director of the insurance division of the Guernsey Financial Services Commission.
Mr Child went to Aon from the GFSC and after working with the firm for two years, joined Artex in 2007 where he worked in various different roles, most recently with responsibility for Artex’s Guernsey office as well as those in Malta, Gibraltar and London. He also oversaw the provision of insurance management services to a diverse portfolio of international clients.
Mr Child holds a degree in English from the University of Reading in the United Kingdom. He is an associate of the Chartered Insurance Institute. He is a past chairman of the Guernsey International Insurance Association, the representative body for Guernsey’s insurance companies and insurance managers, and is current chairman of GIIA’s market development committee which oversees initiatives in the areas of captive insurance, ILS, rated reinsurance, pension risk transfer structures, managing general agencies, life insurers and market access.
Royal Gazette (8-Feb-2021): Sam Peters named division president of Chubb Tempest Re
Chubb Tempest Re has named Sam Peters as division president of Chubb Tempest Re Bermuda.
Currently, Mr Peters serves as chief actuary for both this business and for Chubb Bermuda, which provides excess casualty, professional liability and property products.
In his new role, the company said Mr Peters will have management responsibility for Chubb Tempest Re Bermuda and the property catastrophe reinsurance solutions it provides to primary carrier clients around the world.
The company said Mr Peters has 18 years of insurance industry experience. He joined Chubb in 2006 and has held a series of roles with increasing responsibility in the actuarial department. Prior to joining Chubb, Mr Peters was an actuarial analyst with Amica Mutual Insurance.
He holds a Bachelor of Science degree in Business Administration from Bryant College in Rhode Island. He is a fellow of the Casualty Actuarial Society.
Mr Peters will continue to be based in Hamilton, the company said.
Royal Gazette (8-Feb-2021): Enstar completes reinsurance transaction
Bermudian-based global insurance outfit Enstar Group Ltd has announced that one of its wholly-owned subsidiaries has completed a transaction with Continental Casualty Company to reinsure a legacy portfolio of excess workers’ compensation business.
In the transaction, CNA ceded net insurance reserves to an Enstar subsidiary of approximately $690 million not inclusive of any roll forward adjustments, relating to 2007 and prior year business, the company said.
Royal Gazette (8-Feb-2021): Expect to see 'flight to simplicity' in ILS market
ILS outlook: Ross Webber, managing director of Apex Bermuda (Photograph supplied) Ross Webber, the managing director of Apex Bermuda, and the former chief executive officer of the Bermuda Business Development Agency, has shared his thoughts on the insurance linked securities market and how he expects it to evolve.
Q: How did Bermuda’s ILS market respond to the global pandemic?
I was pleased, but not surprised that Bermuda maintained a fully functioning re/insurance system comprising underwriters, claims professionals, service providers, brokers and reinsurers to name but a few. During 2020 the Bermuda ILS sector has largely done well by its investors and their reinsurance clients by providing well-priced, and well-serviced, capacity.
The Bermuda Monetary Authority’s timely issuance of electronic licenses was especially helpful in allowing the industry to enact business continuity plans. In my opinion, ILS service providers have predominantly been advanced in their business continuity and contingency planning. We saw very few cases where managers (and by extension their administrators) were not able to carry out all aspects of their business remotely. Evidence of this was provided by the robust volume of business successfully transacted through the major renewal dates.
Of course, ILS funds saw differing outcomes in the 2021 launches; there were some who were unable to raise additional capacity with some experiencing net declines in AuM due to redemptions and further loss emergence from previous events. For others, trapped capital continues to hamper activity in the sector. However, we have also seen several managers secure significant new funding and meet the increasing capacity demands of the market.
Continuing private equity interest in the asset class should provide a fertile environment for new entrants who may bring a new approach to managing and deploying capital. The January renewal season saw firmer reinsurance rates, positioning the ILS market as an attractive investment for the year ahead.
It’s not just a ‘flight to quality’ but also simplicity. ILS can offer investors the returns, value and diversity they require – but investors will remain discrete and selective. In order to attract fresh capital to the market, funds will need to offer a differentiated capital markets value proposition.
I expect a narrowing of focus in the ILS market – ‘the flight to simplicity’ – with an increase in writing monoline business rather than broad structures. As such products will be streamlined to become more specific to class, peril and geography than we have seen previously.
However, setting up new companies during the ongoing global pandemic raises a number of practical considerations of incorporating and structuring a fund and appointing the right service provider will be critical. For many, this will be cumbersome and we expect companies on the island will innovate by leveraging existing management, underwriting teams and capital bases, with sidecars providing an attractive option.
This is the three letter acronym I hear almost as often as ILS. ESG has been treated as something of a buzzword or fad across the asset management universe, but 2020 showed us that it is here to stay. We are seeing rocketing interest and demand from ILS investors in ESG who are increasingly asking how funds can be tailored or designed to be ESG compliant. Continued demand for high ESG investment standards will not only accelerate ILS market growth, but could play an integral role in the long-term sustainability and attractive returns for capital markets investors going forward. For me, the ILS asset class is extremely well aligned with ESG principles.
In 2021, steps need to be taken to provide even greater visibility of ESG characteristics of ILS investment portfolios. The introduction of guidelines surrounding ESG branded ILS portfolios is inevitable, and funds are looking to get out ahead of potential regulation and ensure compliance ahead of time. As a jurisdiction, I would like to see that we are striving to ensure that we strike a balance between adhering to international standards and creating best practices without introducing overly prescriptive regulation that might dampen innovation.
Bermuda’s dominance of the ILS market was not built over night and isn’t likely to change any time soon, certainly not in the space of a year. The Bermuda Stock Exchange currently has over 500 listed issuers and circa $40 billion in market capital outstanding, representing almost 95 per cent of market share of global ILS. Bermuda’s regulatory platform certainly cannot be accused of complacency as it continues to encourage new developments, as seen by the introduction of the ISAC Act for incorporated segregated account company structures last year, as well as the new Collateralised Insurer (CI) allowing for insurers to lead more complex ILS deals such as retroactive legacy covers and structured casualty-ILS. Interestingly, I worked on the first iSAC structure to be used in a funds context which shows the adaptability of legislation and the innovation of the market. The structure remains ideal for ILS purposes.
Royal Gazette (6-Feb-2021): Bermudian admitted as English solicitor
Hannah Keane (Photograph provided) A Bermudian woman has been admitted as a solicitor in England and Wales.
Hannah Keane graduated from the University of Portsmouth with a Bachelor of Laws degree.
She later studied at the BPP College of Law, where she completed her bar exams and was admitted to the Inner Temple in 2014.
The former Warwick Academy pupil later worked as a paralegal at the UK law firm Devonshires for two years before she returned to the BPP College of Law and qualified as a solicitor.
Royal Gazette (8-Feb-2021): Virtual celebration of marriage launched
The Premier launched a socially distanced commemoration for International Marriage Week yesterday.
Allan and Mildred Hunt, who are marriage counsellors, said David Burt was likely to issue an electronic proclamation to mark the occasion because of Covid-19 restrictions.
The pair’s Heart-to-Heart Marriage Mentoring Ministry celebrates the occasion from February 7 to 14 every year.
Royal Gazette (6-Feb-2021): Trailblazing bus driver and union activist dies
Kathy Landy, former president of the bus operators division at the Bermuda Industrial Union (Photograph from online) Kathy Landy, the former president of the bus operators division at the Bermuda Industrial Union (File photograph) A champion for Bermuda’s bus drivers and women in the labour movement has died.
Kathy Landy was 66.
Ms Landy, a former taxi driver, became a bus driver in the 1985.
She also served on the International Transport Workers Federation, a global union body.
Collin Simmons, the BIU education officer, said: “She later rose to vice president of the division – she was very active in the administration side.
Ms Burgess added: “Kathy was the one who decided we needed to have a women’s committee and hold the International Women’s Day March.”