A spate of senior hires by the broking community in Bermuda reflects the development of the island’s insurance and reinsurance market, top executives have said.

A variety of brokers have been ramping up operations on the island, including Lockton Re, which in August appointed Kristopher Lynn as a senior broker and practice leader for the company’s new global agriculture practice.

Last month, Acrisure opened a new location in Hamilton to focus on wholesale insurance broking for its global clients. Industry veteran Paul Scope has been appointed chief executive of that operation.

This week, Price Forbes Re appointed Colin Kelley to the newly created role of chief commercial officer.

To date this year, four new brokers have been registered by the Bermuda Monetary Authority — Juniper Re Bermuda Ltd, International Risk Solutions (Bermuda) Ltd, Acrisure Bermuda Ltd and Talisman Intermediary Ltd.

Speaking before the appointment of Mr Kelley, John Huff, president and chief executive of the Association of Bermuda Insurers and Reinsurers, said: “The Bermuda [insurance and reinsurance] market is growing in size and sophistication.

“While Bermuda remains the leader in ‘nat cat’ and climate-related coverages, we’re seeing real growth in specialty lines including cyber, credit, mortgage, political instability and retirement security.

“As brokers also expand from traditional brokerage into insurance management and advisory services along with captive management, Bermuda is an ideal centre-of-excellence hub for top talent and thought leadership.”

Justin Keith, president and chief executive of Ascot Bermuda, earlier said: “Whether you’re on the insurance side or the reinsurance side, the breadth of product that’s being traded through this market has really increased over recent years.

“Marine and energy is a good example. We hired a team at the beginning of the year, a marine and energy treaty team.

“That’s a product that traditionally was underwritten more out of the London Lloyd’s market, but over the years it has established a significant presence here in Bermuda and that requires not just underwriters, but it requires brokers to invest in the area as well.

“We've seen that happen across a number of insurance lines. You think about cyber. You think about some of the products like excess casualty and professional lines that have been anchors to Bermuda but have really grown a lot.

“That requires a lot of good broking talent to manage that business. So, I think it really comes down to the growth of the various product lines.”

In addition to expanding specialty lines, other signs of Bermuda’s maturation as a market include its continued status as a leading captive insurance jurisdiction as well as its emergence as a key locale for the long-term insurance and reinsurance sector.

A study this year by the Bermuda International Long-Term Insurers and Reinsurers industry organisation revealed that reporting Biltir members made total benefit payments of $137 billion in the past five years.

Among reporting companies, the study added, assets held exceed liabilities by $231 billion.

The report, Building for the Long Term: Examining the History, Future, and Importance of Bermuda’s Long-Term Insurance Market, is informed by a study of 55 life and annuity insurers and reinsurers who are Biltir members and provides a detailed analysis of regulatory initiatives and investment capital trends in the Bermuda market.