Life market tipped for growth
The growth of the life market in Bermuda has been a natural evolution, partly aided by Solvency II equivalence and the island’s attractiveness as a domicile to write new business, Appleby partner Brad Adderley told Monte Carlo Today.
“In the last five to eight years we’ve seen a great increase in the life business, and it’s still going on: fixed, open-close flux of business, pensions plans, longevity swaps,” Adderley said.
“What you’re seeing in the next three years is a life market as big as the Bermuda P/C market. To give you an idea, the life companies have now created their own association, and their own conference, and it will be very well attended.”
On the topic Solvency II equivalence, Adderley believes Appleby will see more business coming to Bermuda as companies leverage that to access the EU. But he does not believe Brexit will be a big driver.
Tim Faries, Bermuda managing partner at Appleby, agreed. “It’s certainly not yet, anyway,” he added.
“We haven’t seen a great exodus to Bermuda. We have spoken to a number of people from the UK about the implications of Brexit but they’re looking at a number of jurisdictions.”
