LONDON (BestWire) As Solvency II moves closer to implementation in Europe, Bermuda is working to bring its regulatory approach into line with that of the European Union, according to Michael Angelina, chief risk officer and chief actuary for insurer and reinsurer Endurance Specialty Holdings Ltd.“Bermuda will be doing its own form of regulatory equivalence,” Angelina said. “And we’re seeing things like Solvency II really gaining traction in Bermuda.”Mr Angelina spoke in an interview at last week’s Bermuda Financial Services Conference in London. The conference was sponsored by Business Bermuda, which seeks to attract international business to the Island.The Bermuda Monetary Authority, Angelina said, pays close attention to solvency requirements, internal capital models and the risk management practices of companies under its jurisdiction.“So I think Bermuda will be right where they should be when it comes to Solvency II and regulatory equivalence,” he said.Insurers based in Bermuda are likely to receive their share of claims from the catastrophes that have hit the world since the first quarter of 2010, Mr Angelina said. He mentioned the earthquake in Chile, two earthquakes in New Zealand, floods in Australia and the recent earthquake and tsunami in Japan.These events, which raised memories of the great hurricanes of 2005 and 2008, are likely to lessen the softening of the US property/casualty market. “At least that’s what we’re hoping,” he said.In addition to “pure” catastrophe writers, Bermuda has evolved hybrid models, such as Endurance, that offer both primary insurance and catastrophe reinsurance, Mr Angelina said.“And what we’re seeing is the Bermuda companies expand globally,” he said. “These business models seem to be working.”In recent years, Angelina said, Bermuda-based companies have produced “significant industry leading returns.”Over the next three to five years, Angelina expects to see regulation in Bermuda - and elsewhere in the world - to “continue to expand and get better. Bermuda is really known for being very disciplined with capital management. I think you will continue to see that.”