ReFlex CEO Ching highlights Bermuda’s resilience & technology’s role in the future of reinsurance

Neville Ching, Chief Executive Officer of reinsurance broker ReFlex Solutions, provides key insights into Bermuda’s thriving reinsurance market and its ability to adapt to increasing global challenges in an exclusive interview with Reinsurance News around the 2025 Bermuda Risk Summit.

Bermuda’s reinsurance landscape continues to be an attractive hub for carriers and brokers, offering choice, capability, price, security, and resilience.

According to Ching, this combination makes the market a top destination for reinsurance buyers. “If you are a reinsurance buyer, you want to come to a market that offers choice,” he explains.

“You might be a group buyer for a global entity looking for a number of different lines and corporate solutions. Bermuda offers all of that, and it can go toe to toe with any other market in the world.”

He points to Bermuda’s ability to handle major events as a testament to its strength. For instance, during Hurricane Milton’s Category 5 storm last October, the Bermuda market proved its preparedness.

“A prime example of the market’s strength was that as Hurricane Milton developed into a Category 5 storm, heading for Tampa FL in October last year, the market prepared itself for the ‘Big One’. At no point during the preparations did the Bermuda market doubt that it wouldn’t have the resources to respond in full,” said the CEO.

Looking ahead, Ching discusses how the global reinsurance market is evolving, particularly in response to increasing geopolitical uncertainty and climate risks. He notes that geopolitical challenges, which used to happen every two or three years, are now occurring far more frequently.

“The reinsurance market has always organised itself to respond to uncertainty,” Ching remarks, citing various events such as wars, terror attacks, pandemics, and sanctions. He emphasises that the industry has historically been able to navigate these disruptions by collaborating between risk-takers, technicians, and distribution professionals.

Ching also highlights the role of technology, specifically Artificial Intelligence (AI), in making the industry more resilient to future challenges. “With the addition of new technology, including Artificial Intelligence, we will be even more prepared to respond and address the challenges,” he says.

AI will play a key role in areas like regulation, fraud prevention, claims, risk enhancement, and customer experience, helping brokers and reinsurers adapt quickly to changing circumstances.

When discussing the 2025 renewals, Ching acknowledges the difficulties posed by unprecedented events like the California wildfires.

These events have underscored the market’s ability to adapt, but also demonstrate the unique challenges the re/insurance sector faces. “The wildfires in California in January were yet another ‘unprecedented’ event – both in terms of timing and in quantum – and they undoubtedly have proved to be another major test for the market,” Ching reflects.

Despite the severity of these events, Bermuda’s market has responded effectively. “It was good to see everyone in the reinsurance fraternity, from portfolio managers through to brokers and sellers, coming together to find solutions. Bermuda has risen to the occasion and is helping customers with the issues at hand.”

While pricing for the 2025 renewals will vary by case, Ching is confident in Bermuda’s capacity. “There is no lack of capacity in the Bermuda market and no lack of willingness to trade, however some of the catastrophe aggregate will now be deployed more strategically.”

In response to the current market environment, Ching emphasises the importance of collaboration in the industry, despite the competitive pressures. “I’m a believer that it’s in everyone’s interest to help preserve a healthy environment for all, and within the competitive landscape that exists in any open marketplace, we should seek to collaborate where appropriate,” he explains.

During hard markets, when reinsurers may focus on generating profit to recover from previous pricing issues, it’s essential to balance the needs of customers. “Often in extreme hard markets, reinsurers want to generate as much profit as they can to rebalance the pricing inadequacy of previous market cycles, but we must remember that the customer needs should come first,” Ching notes.

He suggests that taking a longer-term view can provide greater value, ensuring that the market remains relevant while supporting clients. “Healthy customers will be able to develop and buy more in the future, and sometimes the sellers need to adopt a longer-term view, provide value and remain relevant.”

Finally, Ching looks back at the first three years of ReFlex Solutions, a period marked by significant growth and achievement. “We had our third anniversary in February, and we are very grateful for all the support we have had in Bermuda and in other jurisdictions,” he says.

“We have enjoyed the fruits of having access to C-suite decision makers in one of the world’s leading markets and we are very much looking forward to the next three years.”

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