In late-2011, a new ACORD group formed in Bermuda to take on the issues of efficiency, eBusiness, and Standards. While under the auspices of ACORD, the group adopted the name Bermuda Ruschlikon Steering Committee and shares the same goals as the Ruschlikon Group in Europe and the US Reinsurance Committee.
Bermuda's insurance and reinsurance market have risen rapidly over the past decade. According to the Bermuda Monetary Authority in February: "the Bermuda insurance market remained resilient in 2011 and continued to absorb the impact of market issues, including a continued softening of prices, low interest rates and above-average losses from natural catastrophes."
They went on to quote Shelby Weldon, Director, Insurance Licensing & Authorizations who stated: "The latest available statistics show the Bermuda insurance market achieved significant premium volumes and healthy amounts of assets and capital and surplus. The market recorded gross premiums written of $107.7 billion; this compares to $119.7 billion written the previous year … In addition, the market recorded aggregate total capital and surplus of $185.2 billion and assets of $524.7 billion, year-on-year increases of 1.7 per cent and 5.8 per cent respectively."
Bermuda is a large, active, and diverse market making the need for streamlined, standardized data sharing vital for cedents, brokers, and reinsurers.
"This group is taking on the challenge of standardizing their market and building on the experiences of the other ACORD groups who are doing the same. They've had some initial meetings and they are now setting priorities, defining roles, and laying out their plans for 2012 and beyond," said Maggy Leon, Director of Implementation Services, Reinsurance, ACORD. "The committee chair, Trina-Lane Pearce who is Head of Operations for Catlin Bermuda, is very committed to these efforts and is driving the group forward and harnessing their enthusiasm."
Companies currently involved include: Amlin, Aon Benfield, Arch Re, Axis, Catlin, Flagstone Re, Guy Carpenter, Hiscox, Lancashire, Partner Re, Platinum Re, Willis, and XL Re.
While still a new group, many of its members are already involved with eBusiness and ACORD Standards implementations. Several members are part of multi-national corporations, many of which already implemented ACORD Standards and are part of the US Reinsurance Committee and/or Ruschlikon.
"In Bermuda, we see a wide range of implementation statuses from full implementation to early stages and planning. The goal is to have everyone in the market fully automated, sharing data, and improving their workflows," Leon added. "They've accomplished a lot in the past few months and have big plans for the future."