A Bermuda Market Update Webinar Recap

The Bermuda (re)insurance market continues to be a key player in the global marketplace, alongside financial hubs like New York, Chicago, London, and Singapore. Below are some key insights from the recent webinar that explored Bermuda’s current market focus:

Market Overview: Trends & Emerging Exposures

The webinar delved into the current state of the Bermuda market, highlighting key underwriting and claims trends. Attendees learned about the emerging risks and evolving exposures that are shaping the market, including the drivers behind these shifts. This included a focus on how the landscape is adapting to both ongoing and new challenges.

Navigating Coverage Features & Client Expectations

As the market evolves, understanding the latest coverage features is crucial. The webinar emphasized strategies for managing client expectations, especially in a dynamic environment where insurance offerings are continuously changing. It’s essential for brokers and insurers to stay updated on the latest policy features and ensure clear communication with clients.

The Future of the Bermuda Market

Looking ahead, the session explored where the Bermuda market is headed. Experts discussed predictions for the future, addressing potential developments in underwriting practices, regulatory adjustments, and emerging opportunities. This forward-looking perspective is invaluable for those planning long-term strategies in the market.

What Sets Bermuda Apart

The uniqueness of Bermuda’s insurance market was a major highlight, with a focus on specialized lines such as EPL, DIC, HPL, Fiduciary, Crime, and E&O coverage. These niche markets differentiate Bermuda from other global hubs and provide valuable opportunities for both insurers and clients seeking tailored solutions.

This webinar provided a comprehensive update, helping industry professionals better understand current dynamics and prepare for the future of Bermuda’s (re)insurance market.

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Meet the Speakers

Leona Lik is an experienced insurance leader in global broking, underwriting strategy and product development with a demonstrated history of success within the financial lines industry. She is skilled in strategic marketing and placement of large, complex insurance programs in the Financial and Professional Services industries. Leona’s areas of specialty include Directors & Officers, Employment Practices, Wage & Hour, Fiduciary, Crime, Cyber and Errors & Omissions Insurance products in the U.S., Bermuda and London markets in both retail and wholesale capacities. Leona graduated with a Bachelor of Science in International Business and Marketing, with a minor in Sociology from New York University – Leonard N. Stern School of Business.

Margot Green is Managing Director, Claims at Markel Bermuda. Heading up the company’s Specialty International Claims unit, she oversees Casualty, Professional Liability, and Property claims teams located in both Bermuda and in London that support numerous product lines, including Excess Liability, Construction, Healthcare, EPL/WH, DO/FI, EO, and Commercial Property, among others.

Prior to joining Markel in 2016, Margot spent over 10 years at the law firm of Crowell & Moring in Washington, DC, where she practiced insurance law and specialized in complex coverage litigation and disputes. With a strong understanding of US litigation and insurance legal theory, she shifted focus to the business side of the industry to pursue a career in claims management in Bermuda.

Paul Scope, an established 40-year veteran of the Bermuda brokerage marketplace, Paul is the Chief Executive Officer of Acrisure Bermuda Limited. Previously, Mr. Scope joined Corant Global from Willis Bermuda where he has been chairman since 2015. Prior to that, Mr. Scope founded Park International where he served as President and CEO for more than a decade, becoming Chairman of The Park Group in 2003. He was appointed Chairman and CEO of JLT Park Bermuda after the business was acquired by JLT in 2007.

Aileen Smith, Senior Vice President Professional Lines, joined Allied World as the product leader for Employment Practices Liability and Wage and Hour Liability in March 2017 and now oversees all Professional Lines Coverages within the group, including D&O, EPLI, Cyber and Errors and Omissions. Prior to joining Allied World, Aileen was a Senior Vice President at Beecher Carlson where she managed the Professional Lines book of business.  Before joining Beecher Carlson, Aileen was a Vice President in the Professional Lines department at XL Bermuda where she managed a book of primary and excess EPLI and D&O business.  Aileen also spent 4 years at Marsh Bermuda as a Senior Vice President Professional Lines broking Fotune 1000 business.  Prior to moving to Bermuda, Aileen was a retail broker at Marsh Boston.