Hamilton, Bermuda. Lighthouse Advisory Ltd., a new independent advisory firm serving Bermuda’s re/insurance market, has formally commenced operations. The firm works with reinsurers, insurers, ILS managers and captives, and with the boards and committees that oversee them, providing senior, conflict-free counsel on risk, capital and regulation.
Lighthouse Advisory is incorporated in Bermuda and is professionally insured for all advisory activities.
What the firm does
The firm’s work falls into five areas:
- Risk governance and board advisory. Enterprise risk frameworks designed, built or independently assessed: second-line buildout, risk appetite and policy, board reporting, and independent challenge on risk oversight. Increasingly this includes the governance of artificial intelligence, where boards understand the supervisory principles but need them turned into appetite, controls and reporting.
- Regulatory risk and capital. The Bermuda solvency framework in practice: the Bermuda Solvency Capital Requirement (BSCR), the economic balance sheet, the Commercial Insurer’s Solvency Self-Assessment (CISSA) and the Prudent Person Principle. That means running the process, peer-reviewing it, or shaping engagement with the Bermuda Monetary Authority (BMA). Digital asset businesses face the same translation problem as that regime develops; the firm works on the risk, capital and supervisory side of it, alongside counsel rather than in place of it.
- Independent review and second opinion. An authoritative outside view on a framework, a capital model, a regulatory submission or a transaction, for boards, audit committees and counsel who need a credible expert behind a conclusion.
- ILS and new entrant advisory. Structuring, regulatory positioning and governance for ILS managers, segregated account vehicles and new market entrants, from initial strategy, through BMA application support, to ongoing oversight.
- Fractional CRO and senior risk capacity. CRO-level judgement part-time or on an interim basis, for a firm that needs the mind without the hire, or needs to bridge a gap quickly.
How engagements work
Most engagements begin with a diagnostic review: a bounded assessment of what is working, what is not and what needs to change, before committing to something longer. The firm also works on retainer, on fixed-scope projects, at a day rate, and on a board advisory basis. Scope and fees are agreed in writing before work starts.
The principal
Ravi Pachai, FIA, is the firm’s founder and principal. A Fellow of the Institute and Faculty of Actuaries, he has over 20 years in re/insurance across reinsurance underwriting, catastrophe modelling, capital and risk management, and regulation.
He progressed from underwriting actuary to Chief Risk Officer at AXA XL, after earlier roles at ACE Tempest Re and Validus. At the Bermuda Monetary Authority he was Deputy Director, Financial Stability and Research, leading the Authority’s sectoral publications and representing it on the IAIS Resolution Working Group. Most recently he was a senior manager in Oliver Wyman’s Bermuda insurance and reinsurance practice.
Independence
Lighthouse is independent by design. It does not audit clients, administer structures, place business or sell products alongside its advice. Every engagement begins with a conflict check, and the firm declines work that could compromise its objectivity. When legal, audit or other specialist advice is needed, Lighthouse draws a clear boundary and helps clients frame the right question.
Contact
Lighthouse Advisory Ltd.
c/o Alexander Management Ltd, Dorchester House, 7 Church Street, Hamilton HM 11, Bermuda
+1 441 705 7284 · [email protected] · lighthouseadvisory.bm