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Re-sume - What is life in Bermuda really like?
(From Reinsurance)
Bermuda is undeniably a growing force in the insurance world, attracting business predominantly from the US, but increasingly from Europe and Asia - and the class of 2005 is driving home the fact that this significant influx is not only financial, but human.
Bermuda is home to 13 of the world's top 40 reinsurers. Attracting relevant and experienced talent is now entering the debate previously centred on capital adequacy. The establishment of so many companies in a short period of time poses the question: Does enough quality and available talent exist? Therefore, ensuring robust business and organisational strategies should be a managerial priority.
Skills shortage
In recent years, underwriters have become increasingly specialised, and some should shift their focus to their strengths instead of managing day-to-day operations. Therefore, we are seeing a trend for senior executives to be sourced from outside the insurance industry.
A significant challenge to the insurance industry is redressing the balance between technical and managerial skills. Bermuda is crying out for individuals with the appropriate mix of skills and, as a result, these people can almost name their price. Underwriting is still seen as the most financially rewarding. However, since many lack the broad management-skill base that was once taken for granted, multi-disciplined managers today are highly sought after, and salaries are therefore rising exponentially as companies scramble for talent.
In order to attract and retain talent, and create an effective organisation, companies need to be clear about the nature of their bargain with people. Clearly, any deal involves a salary consideration, but this can be more complex than just money. For example, some people will be attracted to an organisation that offers work-life flexibility, while others seek professional development and experience. As Bermuda can offer all facets of this bargain, it often attracts a high calibre of professional.
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