The Good Life: Bermuda's New Economic Pillar

The life sector has moved swiftly from being a new 'nice-to-have' in the Bermuda marketplace, to the Island's latest big success story, said a panel at the Bermuda Risk Summit.

The question isn't why life insurers have come to Bermuda, but rather why others haven't yet, Brad Adderley, office managing partner & head of corporate at Appleby Bermuda, told delegates at the Bermuda Risk Summit.

"We often hear in Bermuda of creating a new pillar of the economy. I think that life insurance is a new pillar," he said.

"Over the years, almost every single major offshore direct life insurer has formed in Bermuda, from startups to blue chip, and direct life insurance in Bermuda has naturally transformed into reinsurance. Due to the nature of the marketplace in Bermuda, you can have business flow from direct life insurance into reinsurance companies, along with closed-off businesses, which is very interesting.