Hamilton, Bermuda (January 9, 2024) — An online course providing foundational knowledge of Bermuda’s global re/insurance industry will start next week, with registration open to everyone at no cost, courtesy of sponsorship by the Association of Bermuda Insurers and Reinsurers (ABIR).
The Special Topics in Insurance programme, offered for a fourth year by ABIR in partnership with Bermuda College and the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science at St. John’s University, New York will open with a roundtable discussion on the “Socio-economic impact of international business in Bermuda on Monday, January 15.
Providing an overview of the evolution of the industry and serving as an introduction to the course, the discussion will feature Government of Bermuda Minister Jason Hayward, JP, MP, Minister of Economy and Labor, Mark Cloutier, Executive Chairman and Group Chief Executive Officer at Aspen and Deputy Chair of ABIR, and Economist Craig Simmons, moderated by ABIR’s Director of Policy, and Regulation, Suzanne Williams-Charles.
Hosted via Zoom, lectures will start on Mondays at 6pm through April 22. The 14-lecture series will feature insights from thought leaders in the Bermuda re/insurance market, including executives from ABIR member companies and regulators from the Bermuda Monetary Authority (BMA), as well as St. John’s University faculty.
“Hundreds of Bermudians have gained knowledge and insights into the island’s world-class re/insurance industry by participating in the Special Topics in Insurance course over the past three years and ABIR is pleased to be able to offer it for a fourth year in partnership with Bermuda College and St. John’s University,” Huff said.
“Whether you are a student aiming to work in re/insurance, looking to switch career, or you simply wish to learn more about the industry that leads Bermuda’s economy, we encourage you to register. The commitment of ABIR to building a strong pipeline of local talent is exemplified by the executives of member companies who have generously agreed to give their time and share their expert knowledge to add value to the course.”
In 2022, ABIR member companies employed 1,585 full-time staff in Bermuda, of which 1,103 (70%) were Bermudians, spouses of Bermudians, or permanent resident’s certificate holders. They also provided work experience and networking opportunities to more than 100 paid interns last summer.
Course participants will gain a broad overview of Bermuda’s dynamic re/insurance sector. Topics covered include the evolution of the industry and its economic significance, locally and globally; climate risk and Bermuda's leading position in providing natural catastrophe reinsurance; insurance careers; diversity, equity and inclusion; life and annuities; collateralized reinsurance; captive reinsurance; and the role of regulation in the market’s success.
Bermuda College graduate Miguel Simas, a risk management and insurance student at St. John’s who was the recipient of the ABIR/RenaissanceRe Scholarship in 2022, said the course had given him a “wealth of information” about the industry and made him aware of St. John’s as a centre of risk management education excellence.
“Every week felt fresh and never repetitive,” Miguel said. “Heavy hitters from the industry discussed different functions of insurance and reinsurance, different paths into the industry, and world news that impacted the industry.
“This course was amazing as it taught me so much about the industry and notified me about the scholarship I have now. I encourage others to take this course — it’s such an amazing opportunity to learn and it's free, so what is there to lose?”
Reihonna Lema, Bermuda College graduate and Dean’s List student at Georgia State University, where she is studying risk management and insurance, said: “In 2022, I took part in the Special Topics in Insurance course, which played a pivotal role in enhancing my interest in the industry and broadening my perspective about the diverse career opportunities it offers. The course allowed me to gain first-hand knowledge and insights from industry leaders and interconnected entities such as the BMA, the Government, and international businesses.”
Isaiah Cabral also did the course in 2022. He is studying accounting at Nova Southeastern University, having graduated from Bermuda College in 2022.
“Every week a new speaker or group of speakers came into class and shared their knowledge about their different fields,” Isaiah said. “The class was eye-opening, as showed me there are more career opportunities in Bermuda’s international business industry than we may think.
“I would highly recommend anyone who has even the slightest interest in international business, be it in Bermuda or the rest of the world, to take this course, especially as it is taught by Craig Simmons, who is so knowledgeable about the industry as well as the economics of the island.”
Those interested can sign up either for the entire course, or for any individual lectures that attract their interest. For more information about the course and to register, visit the Bermuda College website at www.college.bm.
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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.
About Bermuda College: Bermuda College is an internationally recognised accredited community college, which offers associate degrees, certificates, and diplomas in the areas of applied sciences, business, technology, hospitality, and the liberal arts. Bermuda College is accredited by the New England Commission of Higher Education. For more information, please visit www.college.bm.
About St. John’s University: The Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science, has a rich history and tradition. It was formed initially as the Insurance Society of New York in 1901, and became the School of Insurance in 1947 and the College of Insurance (TCI) in 1962. GSRM evolved from the merger of TCI and St. John's University in 2001. For more information, visit the website.