Insurance Risk Data, the insurance research and data arm of Insurance Asset Risk, will host a launch webinar for its fourth annual research into outsourcing by Bermudian insurers on 24 October, providing key insights into the report's findings.
Click here to register for Insurance Risk Data's free webinar on outsourcing by Bermuda's CIOs, at 2pm BST on 24 October.
The comprehensive 233-page report examines key themes affecting Bermuda's re/insurers, their CIOS, and outsourcing partners in the current environment.
The report comes with an Excel chartbook containing accompanying data for all of the report's 140 exhibits.
Some key themes covered in the report, with an entire chapter and proprietary exhibits dedicated to each, cover the future for asset-intensive re/insurance; the importance of the growing ownership of Bermuda's re/insurers by PE houses and alternative asset managers; the extent, roles and nature of illiquid investments in Bermuda's general account; and the development of solvency levels in Bermuda's re/insurance industry.
The backbone of the report is a list that runs to 40 pages, detailing the investment size and recent performance of 180 of Bermuda's insurance groups and undertakings, the asset managers they use, and further details of the engagements.
This list has hirings/firings, names of specific funds being used, investment performance, and more.
A second list, that runs across 38 pages, is in a dedicated chapter of detailed analysis of the investment management agreements (IMAs) struck between about 130 different named insurers and asset managers, whom we also name. This IMA list enumerates fee rates and amounts that asset managers earned from their IMAs with Bermuda's re/insurers in 2023 and 2022; tasks the re/insurers expected them to perform; return- and capital charge targets they were set to hit; redemption terms and when re/insurers could vary these terms; which asset classes the IMAs referred to, and more. This chapter is invaluable for asset managers seeking to understand what T&Cs Bermuda's CIOs insist on, and are willing to give ground on, and the fee rates – sometimes amended during 2023 – that asset managers are charging Bermudian re/insurers.
For instance, one CIO has reduced the base fee it pays its chosen manager but raised its performance fee to 25%, another cut the performance hurdle its manager must clear before collecting a fat incentive fee.
The theme of illiquid investments is illuminated in this list, by a description of the fund locks/gates, redemption periods, and unfunded commitments named re/insurers face, for named asset classes. Another named re/insurer has won the right to 'most-favoured nation' status for liquidity and fees, for its fund investment.
Details for IMAs with both affiliated and independent managers are presented.
In the chapter analysing industry solvency, we examine group-level solvency back to 2018, and undertaking-level solvency for 62 firms in 2022 and 2023. That chapter also contains a full list of the applicable capital risk charges for each asset class, that CIOs at groups and at separate categories of undertakings in Bermuda, apply when calculating the capital bill Bermuda's insurance laws impose for the general account.
A further chapter has names of individuals holding 151 different investment-related positions at Bermudian insurers - from CIO and CFO to investment committee members and heads - along with their biographies, social media contact details and their physical location.
This list, expanded for this year's report, gives an unprecedented insight into the key investment individuals making investment decisions, including about outsourcing, inside Bermuda's re/insurers.
Overall, the research report seeks to examine the emerging trends in investment outsourcing; reveal which managers have work on the island already; what it takes to win fresh mandates; what the potential financial rewards will be; who to speak to at insurers to win such work; and explain important changes coming to Bermuda's insurance landscape, and what they mean for the relationships between re/insurers' CIOs and their chosen outsourcing partners.
Click here to register for Insurance Risk Data's free webinar on outsourcing by Bermuda's CIOs, on 24 October 2024, 2:00 PM BST
For further details about this unique research report and to reserve a copy contact phil.manley@fieldgibsonmedia.com.