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Exploring the Future of the Bermuda Marketplace: Insights from Industry Leaders

The 2007 Perspective Symposium in Hamilton, Bermuda, offered a panel-guided exploration of the present and future of the Bermuda marketplace. Featuring industry leaders from ACE, Aon, Marsh, Willis, and XL Capital, discussions highlighted the historical context, emerging trends, and pivotal challenges that shape the insurance and reinsurance landscape. Key themes included market evolution, capital formation, innovation, and customer value propositions. The event fostered dialogue on how to translate the spirit of innovation into differentiating products and services for the Bermuda market.

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Exploring the Future of the Bermuda Marketplace: Insights from Industry Leaders

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  1. Welcome

  2. 2007 Bermuda Perspective Symposium

  3. The Present and Futureof the Bermuda Marketplace a panel-guided exploration ACE – Rees Fletcher Aon – Dennis Mahoney Marsh – Philip V Moyles Jr. Willis – Donald J Bailey XL Capital – Brian M O'Hara Hamilton, Bermuda ~ June 4 & 5, 2007

  4. The Past as Prologue Farms Clowns and Trees Hamilton, Bermuda ~ June 4 & 5, 2007

  5. Farms, Clowns and Trees … metaphors for … Let’s take a look behind the metaphors

  6. Farms to Factories– the Industrial Revolution US Pop. in Millions 2000 79.2 %Urban 1950 59.6 %Urban 1900 39.6 %Urban 1850 15.4 %Urban

  7. How manyhere todayremember this headline? March 24, 1986 Hard market of 1984 / 1985 – an upheaval for largeand complex risks, manufacturers andmedical professionals

  8. Birth of the ModernBermuda Marketplace • Specialty-driven • Large capacity • Contract certainty ACE Limited EXEL Limited “the biggest eventin the insurance business since the Great Chicago Fire”– Institutional Investor

  9. A Remarkable Timeline AdventAeolus AmlinArielArrowBlue Ocean New PointNorton OmegaParisPeleusPentelia AWACArch AxisEndurance Mid OceanPartnerTempestRenaissance Cat Ltd. ACE XL Max Re Nephila 1985 / 86 88 92 93 99 01 03 2005 / 07 StarrChubb IPC Centre EverestMontpelierDaVinciGoshawk Olympus PulsarSteamboatValidusWhite Mts ModalNew Castle CyrusDe Shaw FlagstoneForterraHarbor PtHiscoxLancashire

  10. Growth and Maturation • Diversification into traditional lines • Globalization of operations • Accumulation of legacy issues • Start-ups seeking to capitalize on short-term pricing / capacity disequilibria • Price competition – the aroma ofa commodity marketplace

  11. Yesterday … Todayand Tomorrow The Industrial Revolution Agrarian / Labor Industrial / Technology Recent Growth Drivers:  Capital formation Diversification Price Competition Future Drivers:  Incubation  Innovation Differentiation The NewTransformation = The OriginalFormula

  12. Clowns

  13. Daniel Lamarre, CEO • Created uncontested new market space that made the competition irrelevant • Appealed to a whole new group of customers willing to pay a lot more

  14. Red Oceans vs.Blue Oceans • Defined boundaries • Competitive rules known • Crowded space, with reduced opportunity for profits, growth • Products become commodities • Untapped market space • Demand creation • Opportunity for highlyprofitable growth Bermuda

  15. Trees

  16. Landscaping, Treesand Taproots • Landscaping – fleeting pleasure • A limited glimpse of beauty • no real functional value … can be very expensive • Trees – much more time to grow, need optimal conditions • But can grow deep roots and last for generations • Serve a number of practical applications • Bermuda’s tall trees are the companies that respondto client needs through foresight and innovation –and the professionals who carry on that great tradition

  17. The Spirit of 1985 • What are the challenges and opportunities facing the Bermuda marketplace today? • What do our clients want and value? • On a practical level, what can be done to translate the spirit of innovation into products and services that differentiate Bermuda? Q&A

  18. Q&A with the Paneland Audience The “Ultimate” Question • In 50 words or less – what would you say is the Bermuda value proposition? CAPACITY Captives Little Venice Side A Occurrences Reported Form Regulatory Environment TAXES One-stop Shopping

  19. Thank You • Rees Fletcher, ACE • Dennis Mahoney, Aon • Philip V Moyles Jr., Marsh • Donald J Bailey, Willis • Brian M O'Hara, XL Capital

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