With a plethora of professional designations to his name and decades spent serving the re/insurance market, including stints as CEO of both Lloyd’s and non-Lloyd’s brokers in the UK and Bermuda, Neil Hitchcock of Bermuda Brokers has navigated the market through fair and foul winds alike.
Commencing his career with a Lloyd’s Syndicate, Hitchcock reminisced about his initial venture into the Lloyd’s market, before relocating to Bermuda in 1997 with a role at an MGA writing for Clarendon Insurance Group, later acquired by Hannover Re. As part of that transaction, he joined Hannover Re’s Bermuda office.
“In 2000, while still at Hannover Re, I endeavored to raise capital with partners to establish a new reinsurance company focusing on US excess workers’ compensation on a treaty basis,” he recalled. “Back then, pre-9/11, we aimed to raise approximately $150 million, which was quite substantial at the time.”
Plans for the reinsurance company progressed well throughout 2000, with AM Best indicating the potential for an A-minus rating. However, by the end of the year, Hitchcock realized the company wouldn’t attract the necessary capital or achieve the A-minus rating due to shifting market conditions post-9/11. The plan was put on hold, and he remained with Hannover Re until 2003 when he ventured into reinsurance broking.
Over the next 15 years, Hitchcock held various positions at prominent broking firms like Tysers and Gallagher before assuming the role of CEO at Skyfront Insurance. In 2022, he joined Bermuda Brokers Limited as chief reinsurance officer.
Reflecting on his choice to remain on the broking side, Hitchcock emphasized his enjoyment of being part of the reinsurance distribution ecosystem and building strong relationships across the market. He highlighted the importance of personal connections, particularly in Bermuda, where face-to-face interactions are valued.
Comparing the Bermuda market to London, Hitchcock noted similarities in structure but highlighted Bermuda’s agility and creativity. The Bermuda market, he explained, is characterized by a willingness to explore unconventional risks and make swift decisions, in contrast to the slower pace often found in London.
He praised the effectiveness of the Bermuda regulator and emphasized the collaboration between the regulator and the market, which fosters rapid innovation and market responsiveness. Additionally, he lauded the abundance of talent in the Bermuda market, attributing much of its success to this factor.
