Bermuda has built an enviable position as one of the world’s leading international re/insurance centres. But behind this achievement is a challenge that receives considerably less attention: finding the people capable of leading the Island’s businesses successfully.

Having spent more than 30 years working with professionals and businesses across Bermuda’s financial services market, I have seen how significantly the executive talent landscape has changed.

The market today is broader and more sophisticated than it was when I first came to Bermuda in the mid-90s. Alongside the traditional P&C reinsurance market, Bermuda has innovated and developed significant expertise in life and annuity reinsurance, ILS and alternative capital, captives, legacy business and other specialist financial-services areas.

This evolution has changed what businesses need from their senior people.

The best candidate isn’t necessarily the most obvious candidate

One of the biggest misconceptions about senior recruitment is that the ideal candidate can be identified simply by looking at a CV.

This is far from the case: at executive level, the reality is very different.

Technical expertise and relevant experience are essential but they don’t tell the whole story. A successful appointment importantly also depends upon commercial judgement, leadership style, adaptability, cultural fit and motivation.

For example, a CFO who has succeeded at one reinsurer may not necessarily be the right CFO for another. A highly experienced underwriting executive may have excellent technical credentials but not the leadership qualities required to build and develop a growing team.

Understanding those differences requires more than scouting LinkedIn or database searching. It requires judgement.

Bermuda is a relationship-driven executive market

Bermuda presents a particular challenge for Executive Search because it’s a relatively small – but highly sophisticated – market.

The international business community is highly interconnected. People know one another, reputations matter and the pool of individuals with particular combinations of technical experience can be relatively small compared to other jurisdictions.

Consequently, the most appropriate candidate for a senior appointment may already be successfully employed in Bermuda and have no intention of applying for another position. And this is where Executive Search differs fundamentally from conventional recruitment.

The question isn’t “Who’s looking for a job?” it’s more “Who can solve this business’ particular challenge, and what would make that person interested in making a move?”

That type of hire requires a search adviser who understands the market well enough to identify people who may not otherwise appear on a shortlist.

Key factors I look for in a senior appointment

1. Technical credibility. Does the individual genuinely understand the business and possess the specialist knowledge required to operate at the right level?

2. Commercial judgement. Can they translate their expertise into decisions that support the organisation’s commercial objectives?

3. Leadership capability. Can the candidate lead experienced professionals, develop people and build confidence with Boards, investors, regulators and other stakeholders?

4. Cultural fit. Will their leadership style and approach work within the new employer?

5. Motivation. Very importantly: why would they actually make the move?

A candidate can look perfect on paper but still be wrong for an opportunity if their motivations, expectations or career objectives don’t align with what the company can offer.

Knowing the market matters

My own background in Bermuda has influenced how I approach Executive Search.

Before focusing on recruitment, I worked within Bermuda’s re/insurance industry – first as an auditor in public practice and then in a financial reporting role – as a Chartered Accountant. That experience gave me first-hand exposure to the financial and operational demands of insurance businesses on the Island.

I have subsequently spent more than two decades specialising in recruitment across Bermuda, the BVI & the Cayman Islands including Finance & Accounting, Actuarial, Risk & Compliance, Advisory, Restructuring, Operations, Legal and other senior management appointments.

That combination of industry experience and recruitment expertise has taught me an important lesson: Executive Search is ultimately all about understanding people and how they interact with businesses.

This means that it isn’t enough to know that someone has worked for a particular company or held a particular title since the latter, for example, can mean different things at different firms. As a recruiter, you need to understand what they actually did, how they operated, what they achieved, what motivates them now and whether they are likely to succeed in the environment into which they are being appointed.

The next generation of Bermuda’s leaders

I’m confident that Bermuda’s financial services industry will continue to evolve.

New capital, changing business models, technological developments and increasing specialisation will create demand for executives with increasingly diverse combinations of skills and experience, and the leaders of tomorrow will probably not look exactly like the leaders businesses of today.

This makes effective succession planning for Boards and access to specialist executive talent increasingly important. And this is where an experienced executive search adviser can add real value: knowing the market, knowing the people within it, understanding what makes a particular business successful, and bringing those three things together.

Thomas Burton is Founder & Managing Director of Hamilton Executive Search, specialising in executive and senior-level appointments across Bermuda, the BVI & the Cayman Islands.