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QuoVadis Hosts Bermuda Reinsurer Round-table with ri3k
14 Oct 2002

Bermudian Minister for Telecommunications and E-commerce, the Hon. Min. Renee Webb JP MP, was the guest speaker at last week’s Bermudian Round-table organised by London technology company ri3k and hosted by the QuoVadis e-security provider in Bermuda.

Minister Webb said, “As Bermuda has created a sensible regulatory environment to allow the re/insurance market to flourish here, the Government is committed to providing the e-business infrastructure for the Bermuda community to respond quickly and creatively to the needs of re/insurance buyers around the world.”

With 1,600 insurance companies and insurance assets of more than $150 billion, Bermuda's 50-year-old insurance market has seen a large influx of capital over the last year.

Minister Webb continued, “Bermuda is not a retail dot.com market. We are committed, however, to providing the e-business tools – from legislation to telecoms and hosting to world class e-security – to help international businesses in all sectors fulfil their e-business needs, which includes ensuring our strong insurance sector maintains its global position and advantages”.

More than 20 Bermuda-based companies attended the Round-Table from both the broker and reinsurer communities, against a backdrop of a prediction from ri3k Chief Executive, Alex Letts. In a recent speech to The City Forum in London, he predicted that Bermuda was poised to become the world’s leading electronic reinsurance market.

“The Bermudian market has unlimited growth potential but remains constrained by physical space,” he commented. “It’s completely understandable that they should seek to leverage technology to run people-light, productivity-heavy. The ri3k hub is a good fit in harnessing their already fantastic infrastructure to their commercial needs”.

ri3k builds secure technology infrastructure for the re/insurance industry. QuoVadis provides authentication and digital signature solutions to many of Bermuda’s leading companies to allow secure and binding online business.