Brad Adderley, Partner within the Corporate at Appleby in Bermuda, speaking at a recent Artemis executive roundtable event in Bermuda, highlighted that in the 20 years he has been working in the industry, each time regulations were changed there was the assumption that it was going to adversely impact the business.
However, “in reality it actually had the opposite effect. It increased our business because regulation often enhanced us and brought more business to us,” said Adderley.
Bermuda serves as an important global hub for both ILS and traditional reinsurance business, home to a wealth of industry expertise and talent, while acting as a vital source of reinsurance and insurance-linked diversification for international insurers.
Testament to this was the decision of the European Commission to find Bermuda and the Bermuda Monetary Authority (BMA) to be fully equivalent under Europe’s new Solvency II regulatory framework, which came into effect from January 1st 2016.
“It’s interesting,” said Adderley, “now we’re having clients who would not initially fall into a bucket of Solvency II equivalency saying, I want to be Solvency II equivalent, I want the additional regulation.”
