Good afternoon, distinguished guests, colleagues, and friends.

It is my great pleasure to welcome you all to Bermuda and to officially open the 2025 Bermuda International Life & Annuity Conference. This event is always an important date on our calendar, and it is wonderful to see so many familiar faces alongside new participants joining us for the first time.

Let me begin by extending heartfelt thanks to BILTIR — the Bermuda International Long-Term Insurers and Reinsurers — for once again organising a gathering of this calibre. BILTIR has been instrumental in creating a platform where industry leaders, policymakers, and experts can come together to exchange knowledge and explore solutions to the most pressing issues facing the life and annuity sector. This year’s conference is no exception.

Bermuda is proud to be home to one of the world’s most dynamic insurance and reinsurance markets. Our jurisdiction plays an outsized role on the global stage, writing more than 60 per cent of the world’s reinsurance. This achievement for an island so small is a testament to the strength of our regulatory framework, the expertise of the professionals who call Bermuda home, and the spirit of innovation that has defined this jurisdiction for decades.

The life and annuity sector has been an integral part of that success story. Over the past decade, this sector has experienced remarkable growth. Assets under management have expanded rapidly, employment opportunities have increased, and Bermuda has become a trusted domicile for some of the world’s largest and most sophisticated life and annuity companies. The sector now represents a cornerstone of our economy, providing stability, resilience, and meaningful connections to global markets.

This success does not happen in isolation. It is the product of industry, regulators, government, and the community working together. In Bermuda, we understand that partnership is our greatest strength. The government provides an enabling environment, regulators uphold the system’s integrity, and industry drives innovation and growth. Together, we ensure that Bermuda remains competitive and sets the benchmark for excellence in international business.

Ladies and gentlemen, this year’s conference theme could not be at a better time. We are living in an era of unprecedented change. Advances in technology, shifts in demographics, and evolving consumer expectations are reshaping the very foundations of insurance and annuities. Among these forces, artificial intelligence stands out as both the most disruptive and the most promising.

We are fortunate to have Maurice Conti, a visionary technologist, as our keynote speaker. He will share his perspective on how AI is not just enhancing our industry but fundamentally reshaping it. AI has the potential to transform every aspect of our work, from underwriting and risk assessment to claims processing and customer engagement. Imagine a world where policies are tailored in real-time to the specific needs of individuals, where predictive analytics allows us to anticipate risks before they arise, and customer interactions are seamless, intuitive, and highly personalised. That world is not decades away; it is rapidly approaching.

At the same time, AI presents profound challenges, including issues around data privacy, algorithmic bias, and the future of work that we cannot ignore. As leaders in this industry, we must ask ourselves: how do we harness the power of AI responsibly? How can we ensure innovation serves everyone's needs, not just a select few? How do we maintain the trust of our customers in an environment where decisions are increasingly made by machines? These are questions that demand thoughtful, ethical, and transparent responses.

A commitment to balance has always guided Bermuda’s approach to these challenges. We believe in encouraging innovation while ensuring robust oversight. We understand that agility must go hand in hand with accountability. And we know that maintaining the confidence of global partners requires us to hold ourselves to the highest standards of governance and regulation.

This is why Bermuda continues to invest in its regulatory regime, ensuring that it remains fit for purpose in a rapidly changing world. Our regulators are respected internationally for their rigour and their responsiveness. They engage closely with industry while maintaining independence and objectivity. This balanced approach is part of what makes Bermuda such a trusted jurisdiction, one where innovation can thrive without compromising stability or integrity.

Equally important is our investment in people. The Government of Bermuda is committed to ensuring that Bermudians are active participants in the growth of the life and annuity sector. We are working to expand educational opportunities, enhance training programmes, and create pathways for Bermudians to build careers in international business. The strength of our industry must also be measured by the opportunities it creates for our people—opportunities to learn, grow, and contribute to an industry that is vital to our economy.

I also want to emphasise the global nature of this conference. You represent companies and markets from around the world. The fact that you have chosen to come to Bermuda, to share your insights, forge partnerships, and shape the future together, speaks volumes about the trust and confidence you place in this jurisdiction. It also speaks to Bermuda's enduring importance as a meeting place for ideas, innovation, and collaboration.

We are deeply grateful for that confidence and do not take it for granted. We know that the decisions you make about where to invest, grow, and place your trust are significant. Bermuda will continue doing everything possible to remain a jurisdiction worthy of that trust.

Over the next two days, you will hear from distinguished keynote speakers and participate in panels that explore the latest trends shaping our industry. These conversations will not only enhance our understanding of the present but also help us prepare for the future. And make no mistake: the future will require bold thinking.

The life and annuity sector is fundamentally about the future—about managing risk, creating certainty, and providing security. In a rapidly changing world, our responsibility is to ensure that we keep pace, innovate responsibly, and build systems capable of serving future generations.

So, as we begin this conference, I encourage you to think expansively, challenge assumptions, share knowledge generously, and look for opportunities not just to adapt to change but to shape it.

Our history proves that when Bermuda acts with vision and unity, like David facing Goliath, we achieve far more than our size would suggest. Our history of innovation in insurance and reinsurance is proof of that. Today, we have the chance to write the next chapter — one that embraces technology, strengthens global partnerships, and delivers value to people everywhere.

Distinguished guests, colleagues, and friends, thank you for being here. I appreciate your commitment to Bermuda and to this industry. And thank you for the work you will do over the coming days, which will help shape not only the future of insurance and annuities, but the future of security and opportunity for people around the world.

I wish you a productive, insightful, and inspiring conference.

Thank you.