Is Bermuda still a key player in global reinsurance?, Hanover's new programme, Giving back to communities and FREE masterclass
In this week's Hanover Talent Insights:
?? Is Bermuda really still relevant as a global reinsurance hub?
? Hanover's Cross-cultural Collaboration Programme
?? Giving back to the local communities
?? FREE masterclass: - The Perfect Executive CV For Financial Services
Is Bermuda really still relevant as a global reinsurance hub?
New headwinds and market developments are changing the course of reinsurance - and it’s switching things up for Bermuda.
Initiatives like the Mansion House Reform and the PRA’s crack-down on funded reinsurance show the increasing emphasis on keeping activity within the UK. In tandem, persistent talent shortages and the US’ stricter tax burdens on foreign reinsurance partnerships are forcing Bermuda-based companies to stay vigilant and adaptable.
Asia is simultaneously challenging the status quo. Markets like Hong Kong and Singapore are gaining momentum as they position themselves as key (re)insurance hubs, presenting both opportunities and competition for Bermuda and UK-based firms.
It begs the question: Is Bermuda still relevant as a global reinsurance hub, or have its twilight years finally arrived?
Undoubtedly, it remains as relevant as ever. Bermuda holds resolutely to its position as a leading reinsurance hub amidst a rapidly evolving financial landscape. Its robust regulatory framework, sophisticated infrastructure and strategic location make Bermuda an essential player on the world stage , hosting over 1,100 (re)insurance companies, managing assets surpassing US$1.6tn and representing 36% of the global reinsurance market .?
So yes, Bermuda’s relevance is undeniable - but we can’t ignore that as the reinsurance market undergoes significant changes, so too does Bermuda’s role within it. To maintain its status, businesses and leaders must address the evolving risks and opportunities that are shaping the future of reinsurance on the island.
Hanover's Cross-cultural Collaboration Programme
As organisations expand globally, their cultures diversify and enrich. While this is beneficial, it's important to explore similarities and differences across geographies. People connect more easily through similarities, while differences require intentional effort to foster belonging, trust, and safety. McKinsey's research shows that companies in the top quartile for cultural diversity are 36% more likely to be profitable. By understanding and leveraging both similarities and differences, we can better meet the needs of diverse clients.?
How aware are you of your cultural influences and preferences??
How might these impact your interactions with colleagues, teams, stakeholders, or customers??
We have had lots of interest in our new programme. If you'd like to discuss how our Cross-Cultural Collaboration programme can empower your talent and drive value for your organisation, join our waiting list by completing our short 4 item questionnaire.
As a way to give back to the local communities, Hanover’s Los Angeles and New York offices collected school supplies to distribute to children in need.
Our New York office participated in the Coalition for the Homeless Project: Back to School, collecting backpacks and school supplies to be delivered to homeless children within the community.
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Our Los Angeles office worked with the Torrance Council PTA to collect school supplies for students in need within the Torrance Unified School District. Both organizations hope that by providing children with the tools they need, they will be empowered to succeed throughout the school year.
Visit the websites below to learn more about these organizations and how to get involved.
??Coalition for the Homeless: https://lnkd.in/ec5RSgN
?? Torrance Council PTA: https://lnkd.in/eUf7_NAm
Hanover & City CV Present - The Perfect Executive CV For Financial Services
Your Executive CV is the passport to your professional future. The right one will bypass the technology and the initial 5-second human scan to earmark you for your target role. Isn’t that what a great CV is all about? Writing your own CV doesn’t come naturally. Everyone benefits from fresh eyes, perspective and industry insight. Your CV must articulate your distinctive skills and attributes in a way that shows the value you bring to your future employer.
In this one-hour masterclass, you'll learn:
- CV evolution - how AI and algorithms can make or break your career (and how to beat the CV robots)
- Soft skills to avoid in your CV - how to show, not tell
- The essentials for every bullet point
- How to ‘prove it’
- Be 'smart' - sell yourself every step of the way
- Avoid the formatting errors that guarantee rejection from most CV screening systems
- The two mistakes that spell rejection from 97% of recruiters
- Live Q&A
About Hanover
Hanover is a global team of more than 70 experts with deep functional knowledge of asset and wealth management, banking, fintech, insurance, private equity, technology and professional services.
Combining expert knowledge, creativity, agility, innovation and problem-solving capabilities enables us to deliver a broad range of solutions. These solutions support your organisation’s talent lifecycle, whether that’s mapping markets, hiring key business leaders, assessing and developing these leaders, creating and implementing DE&I programmes or career transitioning support.
Hanover serves our international and regional clients through our European headquarters in London, US offices in New York, LA and Chicago, and through a partnership in Asia.
We offer a full range of talent services including: