Hiscox Bermuda’s new reinsurance underwriting director believes the Island is well capable of holding off rival jurisdictions looking to take its mantle as the world leader in the industry.Damien Smith was yesterday named underwriting director - executive vice-president, for the company’s Bermuda reinsurance business.“I believe that Bermuda will continue, despite growing competition elsewhere, to play an integral role as the largest reinsurance market in the world,” Mr Smith said.“I am looking forward to working with a fantastic team of talented people at Hiscox Bermuda and, following 17 years of life in London, the short commute and wonderful weather.“It is a challenging reinsurance market set against a backdrop of poor investment returns and uncertainty in the global economy. While we have seen property rates turn and the new RMS models likely pushing up reinsurance demand, underwriting discipline will continue to be key.”Reporting to Charles Dupplin, Hiscox Bermuda’s CEO, Mr Smith joined Hiscox in 1994 and has held a variety of re/insurance roles for the company, most latterly as head of non-marine treaty.In Bermuda he will be responsible for managing Hiscox’s reinsurance team of over 40 people, focused on external property treaty reinsurance as well as specialist lines to the wider Hiscox Group.Mr Dupplin said: “We are at an interesting stage of the reinsurance cycle with the market poised to move further off the back of this year’s catalogue of catastrophes. As ever, we will be focused on maintaining a disciplined underwriting approach and Damien is a very welcome addition to our strong reinsurance team here in Bermuda.“I am confident that he will lead the team to continued success and profitability; delivering the world class service that our brokers and clients expect.”