It’s understandable that many young Bermudians weighing up career options are attracted to the international insurance sector. As a world-class industry on our doorstep, it offers extraordinary opportunities for those who show the aptitude and work ethic necessary to thrive in businesses competing on a global level.
Re/insurance is the principal constituent of international business, which directly generates nearly 30 per cent of Bermuda’s gross domestic product, and much more indirectly as the dollars it spends in Bermuda spread through the local economy.
Having grown in Bermuda over decades, the industry has built up a track record of hiring Bermudians. Many have enjoyed long, successful careers and some have even led the Bermuda divisions of global companies over the years, including Patrick Tannock (AXA XL), Catherine Duffy (AIG), Rees Fletcher (ACE) and David Cash (Endurance Specialty Holdings).
Bermudians in top roles at their companies today include Paul Simons, Bermuda CEO of Convex, and Judy Gonsalves, division president of Chubb Bermuda.
Through scholarships, internships and other community outreach initiatives, Bermuda’s re/insurers are keen to continue the influx of local talent.
‘BERMUDA IS OUR HOME’
On the frontline of these efforts is the Association of Bermuda Insurers and Reinsurers (ABIR), which represents the public policy interests of 31 of the island’s leading commercial re/insurers.
“ABIR members have been consistently committed to building a pipeline of Bermudian talent,” said John Huff, CEO of ABIR.
“Approximately 70 per cent of ABIR members’ Bermuda-based employees are locally sourced. Bermuda is our home and attracting young Bermudians is key to the sustainability of our industry.”
ABIR’s 19th annual Economic Substance Survey found that, in 2023, member companies employed 2,140 full-time employees in Bermuda, including 474 underwriting staff. Of the total workforce, 1,441 were Bermudians, spouses of Bermudians, or permanent resident certificate holders.
The annual contribution to the economy through employment of these staff, plus on-island spending in areas including business services, travel, construction, real estate and charitable donations exceeded $1 billion for the first time in 2023, the survey found.
OPPORTUNITIES GALORE
ABIR members allocated more than $1.17 million to scholarships on the island in 2023, in addition to the 108 paid internships they provided last summer, a record-high number.
A search on the bermudascholarships. com website reveals some of the support ABIR companies provide to Bermudian students. Several offer scholarships in partnership with the Bermuda Foundation for Insurance Studies, including two BFIS Axis scholarships, two BFIS MS Reinsurance awards and the BFIS Hannover Re Public Schools Scholarship. Each of these are worth up to $15,000 for a year and can be applied to the cost of tuition, fees, textbooks, materials, room and board, and travel.
Another notable example is the RenaissanceRe Undergraduate Scholarship, awarded annually to two high-performing Bermudian undergraduate students who are pursuing full-time, business-related studies at overseas universities. The award is worth $25,000 per year for up to four years of study.
The Chubb Bermuda College Education Award is awarded annually, and covers tuition and fees for up to two years immediately following graduation from Bermuda College, with support amounting to $15,000 a year for the recipient.
Some awards support students not pursuing insurance-related studies, such as the Bermuda College – Conduit Re motor vehicle technology bursary, granted annually to up to four students.
LEARN THE SKILLS
Last year, ABIR launched a scholarship in the name of the late former Axis Capital chairman and industry legend, Michael Butt, an award that covered the tuition and textbook costs of three first-year Bermuda College students.
Many ABIR members are also among the donors to the Association of Bermuda International Companies Education Awards, a programme that has supported 765 students during its 47-year history. Adding to the value of the awards are the mentors from donor companies who provide career guidance to recipient students.
In addition to scholarships, ABIR provides free foundational education to Bermudians from all walks of life and of any age through its sponsorship of the “Special Topics in Insurance” course.
The 14-week course, offered in partnership with Bermuda College and St John’s University’s Maurice R Greenberg School of Risk Management in New York, covers industry basics through Monday evening online sessions led by industry experts, including many executives from ABIR member companies donating their time.
Topics addressed range from natural-catastrophe reinsurance and cyber risk to Bermuda’s relationship with the Lloyd’s of London market and careers in re/insurance.
“Each year, we’ve been delighted by the enthusiastic response from the public to the ‘Special Topics in Insurance’ course,” Mr Huff said. “The participants include students and also potential career-shifters seeking to know more about re/insurance. The course has helped to demystify the industry for residents who have participated, and it has the potential to be a stepping stone on the way to a fulfilling and rewarding career.”
GAIN A DEEP UNDERSTANDING
The industry needs a broad range of skills and experience, and employs people in a wider variety of roles than some may imagine. A glance at the summer internship opportunities at Chubb Bermuda illustrates this perfectly.
They include interns for the finance department, communications, claims, legal department and life finance department. There is also a facilities internship, which involves assisting the facilities and administration department in work including maintaining the offices, installing equipment in the workplace and setting up for functions and meetings.
Duties of the intern placed with Chubb’s Sovereign Risk team include providing support in credit research of emerging markets, and compiling and analysing information for underwriters.
A deep understanding of the risks they cover is essential for insurers, which has also created demand for experts from different fields, including data analysts and engineers, while marketing activities require creative talent.
Beyond internships and scholarships, ABIR facilitates professional development workshops, networking events and mentorship opportunities, aimed at equipping young Bermudians with the skills and connections needed for successful re/insurance careers.
“ABIR member companies have a strong track record of recruiting and developing Bermudian talent,” Mr Huff said. “We will continue to promote awareness of the great career opportunities in our industry and support the education, mentoring, training and development of Bermuda’s future leaders.”
