Bermuda Reinsurance – The Arrival of the 35th America’s Cup
This year Bermuda is hosting the 35th America’s Cup presented by Louis Vuitton from May 26th – June 27th. Dating back to 1851, it is the oldest active trophy in sporting history and affectionately known as the “Auld Mug”. It predates both the Ashes (first contested in 1882) and the modern Olympics and this year, we will see household names such as Sir Ben Ainslie and Jimmy Spithill battle for the prestigious title of ‘champion’; as Queen Victoria was famously told “there is no second place” and it has stuck as a motto for the race.
The race will bring thousands of people to the island and is an opportunity to showcase Bermuda’s reinsurance platform and insurance capabilities. Bermuda dominates the world ILS market with a share of more than 70%; there is a concentrated pool of capital and talented players all operating in a legal and regulatory jurisdiction on a level with the US and Europe. Last year the country was granted equivalent status under the Solvency II directive, as well as being approved a qualified jurisdiction by the US National Association of Insurance Commissioners.
There is no shortage of engagement and enthusiasm in the Bermuda reinsurance market for the America’s Cup. Local sponsors XL Catlin, Hamilton Re and Ironshore are examples of re/insurers who have thrown all hands on deck, supporting the America’s Cup Volunteer Program and the Endeavour Youth Sailing Program. Capsicum Re Bermuda will be hosting clients during the second week of racing and industry events, enjoying this amazing opportunity to showcase Bermuda as a center for re/insurance.
There is increasingly fierce support for opposing teams in our office. While Ben Ainslie’s Land Rover BAR team is currently ahead in the points system, they are rumored to be behind in training in Bermuda’s sailing conditions. Neville Ching stands solidly behind his native British team while I on the other hand will support Team Oracle USA, who have been living on the island for the last two years and have proven themselves worthy ambassadors. It is Team Oracle USA’s cup to lose as they have held the trophy since 2010!
The America’s Cup will highlight the strengths the highly developed Bermudian market offers. Such a spotlight as the America’s Cup enhances the reputation of the Bermuda marketplace worldwide and is an opportunity to attract more business and capacity so it’s a welcome event to the island.
As Bermuda and the teams wrap up their final preparations so too the Bermuda reinsurance market and Capsicum Re prepare to catch the prosperity heading its direction. May the best team win…
For more information on America’s Cup please visit Americas Cup
For more information on Bermuda and Capsicum Re’s involvement in the Cup please contact Chelsea Burns