Hamilton, Bermuda (December 19, 2024) — Jason Hayward, JP, MP, the Minister of Economy and Labour, will be among the participants in a roundtable next month to launch the free, online foundational insurance course sponsored by the Association of Bermuda Insurers and Reinsurers (ABIR).

The discussion, titled “Socio-economic Impact of International Business in Bermuda”, will kick off the Special Topics in Insurance programme, being offered for a fifth 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.

Minister Hayward will be joined by Mark Cloutier, Incoming Chair of ABIR, and Executive Chairman and Group CEO of Aspen; Craig Simmons, economist, retired senior lecturer at Bermuda College and Special Topics in Insurance course leader; and moderator Collin Anderson, ABIR’s Director of Policy and Regulation.

The virtual roundtable, which will take place on January 13 from 6pm, will discuss the evolution of Bermuda’s re/insurance market from its roots as a captive insurance and natural catastrophe reinsurance specialist 30 years ago to the diversified global re/insurance hub it has become. The speakers will also touch upon challenges and opportunities facing the industry today and aim to enhance course participants’ understanding of the industry’s socio-economic impact in Bermuda.

ABIR provided insightful data on this impact last week, with the release of the 19th ABIR Economic Substance Survey. It found ABIR’s member companies made record direct contributions of more than $1 billion to the Bermuda economy through their spending on hospitality, travel, business services, construction and real estate, and their employment of 2,140 full-time, Bermuda-based staff, nearly 70% of whom are Bermudians, spouses of Bermudians, or permanent resident certificate holders (PRCs).

 The roundtable will the first of 14 Monday evening course sessions, which will cover areas including climate change, catastrophe reinsurance, cyber risk, captive insurance, collateralised reinsurance, life insurance, Bermuda’s relationship with the Lloyd’s of London market, artificial intelligence, regulation, careers in re/insurance, diversity, equity and inclusion, and runoff insurance.

Session presenters will include executives from ABIR member companies and the Bermuda Monetary Authority, as well as St. John’s University faculty. This year the course features two new partners, Lloyd’s, the longest-standing global re/insurance market, and The Institutes Knowledge Group, a global provider of online courses and designations in the risk management and insurance field. Each will host one of the 14 weekly sessions.

The Special Topics in Insurance course is aimed at students, career shifters and anyone else curious to know more about Bermuda’s international re/insurance industry. To register for any or all of the sessions, and to see the full schedule, visit: https://tinyurl.com/MyInsuranceCareer.

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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 or follow us on X @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.