Tony Ho (IFAA 2018): My actuarial journey in Bermuda

Hi, I am Tony Ho (IFAA 2018). Eight years ago, I could not have imagined my career would land me on Bermuda – a corner of the Atlantic often labelled a “tax haven” yet reshaping the global reinsurance landscape. After just over a year here, I’ve been won over by the charm of this island, which less than 70,000 people call home.

Stumbling into island life: where a honk means hello

To be honest, I knew almost nothing about Bermuda before a British headhunter recommended my current position to me. After researching the insurance and reinsurance industry here, I saw a genuine path for career growth and an opportunity to learn from and work alongside actuaries from all around the world.

I am now an actuary at a Bermuda reinsurer, leading the asset modelling process — spanning traditional, structured and private asset classes — as well as supporting capital reporting and regulatory filings with the Bermuda Monetary Authority.

Life here is exactly as the world imagines it: full of sunshine, with lovely locals and very high cost of living. The biggest culture shock has been driving. Back on Hong Kong, a honk usually signals frustration or even confrontation; in Bermuda, it is a hello or a thank you. When I first arrived, I remember sitting on the bus and wondering why the drivers behind us kept honking — I thought someone was upset! It turns out they were just greeting friends. In a place this small, it truly feels like everyone on the road knows each other.

Boat parties and fish sandwiches: the flavours of Bermuda

Given Bermuda’s proximity to the US and its history as a major Royal Navy base, locals and expats have strong cultural ties to both America and the UK. With the North Atlantic on our doorstep and a large expat community, a popular summer tradition is renting a boat, hosting boat parties and meeting new friends over crystal-clear waters.

For food, the must-try local dish is undoubtedly the Bermuda fish sandwich: toasted raisin bread with freshly fried fish – typically locally caught wahoo, rockfish or snapper. It sounds simple, but it is absolutely delicious and captures something very uniquely Bermudian.

From tourist getaway to reinsurance powerhouse

Many people still associate Bermuda with being a “tax haven”, but that label is becoming harder to sustain, at least for large multinationals as Bermuda introduced a 15% corporate income tax last year in response to the OECD’s global minimum tax initiative.

Meanwhile, its reputation as a global reinsurance hub is absolutely well‑deserved. What began as an island most famous for tourism pivoted in the 1980s and 90s into a global centre for catastrophe reinsurance and has since grown into one of the biggest reinsurance hubs for life and annuity business. One of the key emerging trends is the rise of asset‑intensive reinsurance (AIR), which has gained significant traction due to its ability to generate strong investment returns; much of this is fuelled by asset managers and reinsurers rotating portfolios from public markets to private and structured credit, generating more attractive risk‑adjusted returns. Today, Bermuda regulates approximately one‑third of all AIR worldwide — remarkable for such a small island.

As an actuary who spent seven years in Hong Kong, I see immense potential for Bermuda–Asia collaboration. AIR transactions are surging in Japan, with growing activity in South Korea, Singapore and Hong Kong. Stricter capital regimes and lower domestic yields are driving Asian insurers to use Bermuda’s reinsurance solutions for capital efficiency, pointing to even closer ties ahead.

CUHK – food for heart, fuel for career

As much as I love Bermuda, what I miss most is good Asian food – the scene on the island is underwhelming – so I still crave the variety at CUHK’s canteens! On a more serious note, CUHK Business School’s IFAA (Insurance, Financial and Actuarial Analysis) programme, taught by industry-recognised professors and supported by strong career support and robust alumni network, equipped me thoroughly with the knowledge and skillset needed to perform well and quickly adapt to a completely new environment – something I am truly grateful for as I continue to build my career in Bermuda.

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