January 23, 2024
RMI students visit Bermuda, learn more aspects about insurance
Five College of Business risk management and insurance (RMI) students visited Bermuda in mid-January of 2024 to learn about captive insurance and reinsurance, thanks to an endowment from the North Carolina Surplus Lines Association.
After a day of travel and a whole day dedicated to learning about the location, the first educational day number started with a deep dive into captive insurance, which NAIC describes as a form of self-insurance whereby the insurance is owned wholly by the insured. Artex Captive Managers hosted the students who learned about captive insurance and how a captive insurer works. Lunch with Markel Reinsurance gave the students their first introduction to reinsurance, a contract between a reinsurer and an insurer. After lunch, the students met with Fidelis MGU, a reinsurer that provides catastrophic reinsurance for many of the insurance /companies in North America.
On the second educational day, the students met with Allied World Reinsurance and learned about how catastrophic reinsurance is underwritten and priced, and the day continued with a lunch-and-learn with Partner Reinsurance, where they learned more about catastrophic risk modeling and a new subject, retrocession reinsurance. After the lunch and learn meeting, the students met with MS Reinsurance, part of the Lloyd’s Syndicate, MS Amlin, and learned about treaty reinsurance and more about modeling and pricing reinsurance for insurance companies.
The last day on the islands closed out with a visit to BMS Reinsurance Group, a reinsurance brokerage firm. The students learned how the reinsurance brokers solicited business for insurance companies and how the relationship is built and the day closed with BMS Reinsurance Group treating the students to dinner.
“The students learned about reinsurance, which is how insurance companies increase their surplus and can spread the risk of financial loss throughout the entire world,” said Kurt Fickling, College of Business RMI instructor and trip advisor. “The trip was a tremendous opportunity for our students and a trip (and education) they will never forget.”
Impact
Daniel Blackwell, a senior RMI student from Oxford, North Carolina, said, “This trip to Bermuda was extremely informative, from the history and culture of the island to international business and the world of opportunities within the reinsurance industry.”
“Each meeting was unique and brought value to my education here at East Carolina University,” said junior Katelyn Batten of New Bern, North Carolina.
Junior Kadyn Pleasants of Charlotte, North Carolina, said that any student in the RMI program should take advantage of these types of opportunities.
“I will carry this experience with me for the rest of my life,” said sophomore Kooper Ashmore of Suffield, Connecticut.
Senior Kathryne Dameron of Hillsborough said, “Being able to learn more about RMI in Bermuda was one of the best educational experiences I have had at ECU.”
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- Academic
- Risk Management & Insurance