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Fellowes Achieves His Insurance Goal
From Belfast to Bermuda, Roy Fellowes gives us
the benefit of his insurance expertise
and expands on HSBCs role in the domicile
| Belfast
born Roy Fellowes was educated in Northern Ireland, the United States
and South Africa. Despite his formative ambition to assume a leading
role in the Northern Ireland football team he has settled for an equally
fulfilling career in international insurance and is now Managing Director
of HSBC Insurance Services (Bermuda) Limited, a member of the HSBC
group. This process started in 1978 when he became an insurance inspector
with Guardian Royal Exchange in Belfast. He relocated to Bermuda in
1988 and remains convinced that it is the best decision he has ever
made. |
Established in 1987, HSBC Insurance Services (Bermuda) Limited
is a member of the HSBC Group, one of the largest banking and financial
services organisations in the world. The Bermuda office is also
a subsidiary of London based HSBC Insurance Brokers Limited, which
ranks among the top 15 insurance brokers in the world.
HSBC Insurance Management is a leading manager of captive insurance
and reinsurance companies, with over 100 companies under management
through its offices in Bermuda, the Cayman Islands, Cyprus, the
Hong Kong SAR and Singapore it maintains an impressive power base.
Insurance management services are also provided in all other major
captive domiciles through strategic partners. A company of this
size is dependent on the skills of its managers and in the hands
of Roy Fellowes their Bermuda operation, HSBC Insurance Services
(Bermuda) Limited, is continuing to grow and enjoy a level of success
that has positioned it as a leading insurance player in Bermuda.
Fellowes is responsible for all insurance operations at HSBC Insurance
Services (Bermuda) Limited. The Bermuda office is also a partner
of the global Assurex Synergy Group (ASG), the world's largest privately
held commercial insurance brokerage group. ASG combines the strengths
of the largest independent insurance brokers on six continents to
deliver seamless global risk management services. With 12,000 insurance
professionals generating annual premiums of approx. $12 billion,
ASG offers global solutions to major corporations, and Bermuda is
well positioned to assist in this goal.
The scope of service offered by HSBC is a broad and comprehensive
one. The company provides a full range of management services in
addition to independent access to the Bermuda insurance and reinsurance
markets for both traditional and alternative risk transfer programmes.
Much of this business has been drummed up through Fellowes' intimate
knowledge of the Bermudian insurance market. Since 1988 HSBC's man
in Bermuda has established close professional relationships with
underwriters and management at all of the major insurers on the
island. In effect the sheer mass of HSBC and ASG coupled with Fellowes'
exhausting list of domestic and international contacts makes their
position in Bermuda unassailable and sets an impressive example
for other captive insurance managers and brokers.
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How would you describe your role? What challenges
have you faced/do you face? Why did you accept the job?
I see our position here fulfilling two discernible
roles. As an insurance manager we provide a comprehensive insurance management
service in the domicile. Our role as a broker provides independent access
to the Bermuda insurance and reinsurance market. The main challenge is
to get the message out that Bermuda is not an alternative market or a
price driven market of last resort. Bermuda has created an impressive
business environment that provides innovative and efficient risk solutions.
My enthusiasm to live and work in Bermuda and my knowledge of the HSBC
Group propelled me to join HSBC Insurance Services (Bermuda) Limited.
The HSBC Group is one of the largest banking and financial service organisations
in the world, and one of only a very few truly global financial groups.
What significant growth have you seen in the captive
industry in Bermuda?
Over the last 12 months the growth areas for
HSBC Insurance Services (Bermuda) Limited have been in agency captives,
and life and annuity captives. Also, with signs that certain areas of
the insurance market are beginning to harden, companies that were previously
talking about captives are actually starting to take some action.
What can Bermuda offer that another domicile cannot?
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Bermuda is recognised by most in the industry as
a real insurance market and not just a domicile for captives. Bermuda
can offer one stop shopping for corporations seeking traditional
or innovative insurance based solutions. Many are surprised to learn
that today gross written premiums in Bermuda are well over double
that written at Lloyd's. Clients are starting to realise the significant
benefits that this wealth of experience brings.
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...Bermuda is recognised by most in the industry
as a real insurance market...
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What kind of challenge does the increase in the sophistication
of products on offer present to you?
The rapid development of the insurance market in Bermuda
and its increasing sophistication represents an exciting opportunity
for us. It's how we at HSBC Insurance Services (Bermuda) Limited differentiate
ourselves from our competition. Last year we were the appointed intermediary
on a highly complex insurance transaction that generated $320 million
in premium for a Bermuda insurer.
How would you describe your relationship with the
public sector?
Our relationship with the public sector is excellent.
As part of Assurex International, we recently hosted a conference in Bermuda
for 250 insurance agents and spouses from around the world and had the
Premier of Bermuda, the Honourable Jennifer Smith officially open the
conference. Her comments regarding HSBC Insurance Services (Bermuda) Limited
were extremely flattering. On more day to day matters we are also in regular
contact with the Registrar of Companies and the Bermuda Monetary Authority.
How does Bermuda maintain a healthy balance between
flexible and stringent regulation?
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Bermuda allows insurance companies to operate at
their most efficient level without the burden of over regulation.
The partnership between the public and private sectors, established
to regulate the industry, is one of the keys to Bermuda's success.
It has been reported that if the sponsors of ACE had tried to incorporate
and operate out of the US in the mid-1980s, it would have taken
them several years just to get through the regulatory issues, and
they would have certainly missed the window of opportunity
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...Bermuda allows insurance companies to operate
at their most efficient levels, without the burden of over regulation...
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How will your centre benefit from the growth in electronic
commerce? How are you keeping up-to-date with the fast pace of change
in this sector?
The Internet is fast becoming the only platform
to conduct business. Our captive clients are demanding that we match their
level of technology. One thing is certain, if we don't someone else will.
I believe that ultimately electronic commerce will assist in keeping the
workforce population of Bermuda in balance.
| Roy Fellowes is a man with a great deal of faith
in the future and a certainty that the insurance market in Bermuda
will continue to grow and prosper. It is safe to assume that his continuing
contribution to the islands insurance industry has, for the time being,
postponed his thoughts of a footballing future. |
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