The Bermuda Business Development Agency’s second annual Bermuda Risk Summit is to be staged in March, with two headline sponsors already on board.

Themed “Innovation, Sustainability and Collaboration”, the event includes discussions involving investors, brokers, rating agencies and topics related to Insurance Linked Securities, cyber/specialty lines, run-off, life, insurtech, Florida post-Ian, and the future of risk.

The Association of Bermuda Insurers and Reinsurers and EY have both already agreed to be top-level sponsors.

Eight months ago, the first in-person risk event in Bermuda since the start of the pandemic drew 350 delegates, including 80 from overseas.

The BDA said the estimated impact to the Bermuda economy of the event was more than a million dollars, and supported about 200 jobs.

The estimate accounts for lodging, transportation, food and beverage, retail and recreation, but not the additional visitors who flew to Bermuda for business meetings around the event.

David Hart, BDA CEO, said: “As outstanding as the Inaugural Risk Summit was, we have every expectation that the second annual Bermuda Risk Summit will exceed it in showcasing our strengths as the risk capital of the world.”

Marc Grandisson, Abir chair and CEO of Arch Capital Group Ltd, said: “Next year marks Abir’s 30th anniversary, so it is fitting that Abir and its member companies are returning to support the Bermuda Risk Summit in 2023 as part of our continued long-term commitment to Bermuda and our international market.

“As the world’s most innovative and responsive (re)insurance market, Abir’s aim is to support this event to provide our members and stakeholders an ideal opportunity to meet new and existing clients, to share ideas and best practices in person and to foster customer-driven solutions to close the global protection gap.”

John Huff, Abir president and CEO, said: “The Bermuda market value proposition of protecting consumers from natural catastrophes once again delivers, as it is expected that Bermuda will back billions for Americans recovering from Hurricane Ian.

“The Bermuda Risk Summit is an ideal event to discover the peace of mind and innovation offered by Bermuda's tremendous claims-paying capital and capacity.”

Jessel Mendes, EY partner and regional markets leader of the Bahamas, Bermuda, British Virgin Islands and Cayman Islands, said: “High-quality forums such as this are a terrific opportunity to feature all aspects of Bermuda’s leading global (re)insurance market and we are excited to be a part of it.

“Bermuda is known as the world’s risk capital, a well-deserved reputation built on a solid track record of innovation, growth, teamwork and our ability to meet market demands.

“We, at EY, will leverage our global networks to highlight the summit, Bermuda’s blue-chip reputation and bring valuable insights and perspectives on the latest developments and trends in the industry. We look forward to, once again, teaming with the BDA and building on last year’s success.”

SS&C has come on board to sponsor the opening reception, and AM Best is lanyard sponsor. Other sponsorship opportunities are still available.