CPCU Society Goes Global with New Bermuda Chapter

The N/A (Chartered Property Casualty Underwriters) says it has "officially" entered international waters, with the induction of a new Bermuda Chapter. The chapter was approved by the Board of Governors at the Society's Winter Meeting.

The Bermuda Chapter joins 153 other chapters in the 56-year-old association.

"Going global is a great way to start off the new millennium," says Marsha Egan, CPCU, API, CPIW, 1999-2000 president of the CPCU Society. "With the speed of technology and the recent changes in our industry, the addition of the Bermuda Chapter shows that the CPCU Society is changing with the times. This organization will always strive to be as viable and necessary to the industry as it was when it was created in 1944. Going international is just one of the ways we are preparing for the future of the insurance industry."

Paul Wollmann, CPCU, president of the Bermuda Chapter, states, "This is really a very exciting time for us and for the Bermuda insurance industry as a whole."

Wollmann said, "We hope to be able to act as the liaison office of the CPCU Society in Bermuda. The CPCU designation is well respected around the world, and we'd like to do our part to promote it in Bermuda. We also hope to create a forum to link up our chapter with people currently working toward the CPCU designation. We have been providing tutors to the Bermuda Insurance Institute (BII) and we hope to continue to do that, as well as assist the BII with insurance and reinsurance related seminars."

In addition to the Bermuda Insurance Institute, Wollmann reported what he says is "phenomenal" support from the major insurance players in Bermuda, including ACE, XL and Swiss Re. "I think that most of the major companies here recognize the value of the designation—they have witnessed the benefits right in their own offices," he said. "They are looking forward to the Society having a larger presence here on the island."

According to Michael Douglas, CPCU, who represented the Bermuda Chapter at the Society's Winter Meeting and is a former Bermuda Insurance Institute instructor, the Bermuda insurance market is the third largest in the world, after London and New York. "International insurance has grown dramatically over the last twenty years with over 1500 insurance companies being licensed in Bermuda, the majority of which are captive insurance companies," Douglas noted. "Captives have been flourishing in Bermuda since the 1950s and the number of incorporations per year continues to rise."

Douglas also talked about the value of the CPCU designation. "The demand for the CPCU course of study outside of the United States is growing," stated Douglas. "When I began teaching at the Bermuda Insurance Institute nine years ago, if we had five students enrolled in CPCU courses, that was a lot. This past year, we had a total of 60, with another one hundred enrolled in associate courses from the IIA [Insurance Institute of America]. For some of the more popular CPCU courses, we did not have enough space and had to split them into two classes!"

Douglas said most students follow the same course pattern. "Generally people start out taking ARe and ARM courses, which immediately assist students with the island's specialty of captives and reinsurance," he said. "Once they get their toes into the water with the shorter courses, they see that the CPCU program offers even greater opportunity to further their insurance education."

Douglas said, "The population of Bermuda is only 60,000. That means that one quarter of one percent of the population is taking AICPCU or IIA courses. If you apply the same percentage to the United States, that would equate to 875,000 people each year!"

Officers of the Bermuda Chapter are: Paul Wollmann, CPCU, of ACE Capital Re International Ltd., president; Hugh O'Donnell, CPCU, of Aon Bermuda Limited, vice president; David Whiting, CPCU, of Swiss Reinsurance Company, secretary; Mark Berry, CPCU, of XL Mid-Ocean Reinsurance, treasurer; Larry Lombardo, CPCU, of ACE Bermuda, immediate past president.

Michael Douglas has recently relocated to the United States with the Bermuda-based International Risk Management Group.