Bermuda · Reinsurance · Regulatory

Clarity in
complex risk.

Actuarial Insight · Independent Risk Counsel

Independent senior advisory on enterprise risk, regulatory strategy, and capital frameworks — for reinsurers, insurers, ILS managers, captives, and the boards and law firms that work alongside them.

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Lighthouse Advisory
What we do

Five ways we help

Most engagements begin with a diagnostic review — a structured assessment of what's working, what isn't, and what needs to change. From there, we work across five areas.

01
Risk Governance & Board Advisory

Designing and implementing enterprise risk management frameworks; assessing whether existing frameworks are effective; and providing independent challenge on risk oversight at board and committee level. Includes 2LOD buildout, risk appetite and policy frameworks, and board-level risk reporting.

02
Regulatory Risk & Capital

Advisory on Bermuda's solvency and regulatory framework — BSCR, economic balance sheet, CISSA, and the Prudent Person Principle. From designing and running the CISSA process to independent peer review, PPP attestation support, and BMA engagement strategy.

03
Independent Review & Second Opinion

An authoritative independent view on risk frameworks, capital models, regulatory submissions, or specific transactions — for boards, audit committees, and counsel who need a senior expert to stand behind a conclusion. Includes recovery plan review and challenge.

04
ILS & New Entrant Advisory

Structuring, regulatory positioning, and governance frameworks for ILS managers, segregated-account vehicles, and new market entrants — from initial strategy and BMA application support through to ongoing risk oversight.

05
Fractional CRO & Senior Risk Capacity

Senior risk leadership on a part-time or interim basis — for firms that need a CRO-level mind without a full-time hire, or that need to bridge a gap while a permanent appointment is made. Includes crisis management framework design and stress testing programme leadership.

About

An independent perspective,
built in Bermuda.

Lighthouse Advisory is a Bermuda-based independent consultancy specialising in enterprise risk management and BMA regulatory strategy. We provide the kind of direct, senior-level expertise that is often diluted in larger advisory practices.

Our founder has spent years at the centre of Bermuda's reinsurance market — designing risk frameworks, engaging with the BMA, and advising carriers, boards, and law firms on risk and regulatory strategy. Lighthouse Advisory was founded to offer that depth of knowledge without the overhead or hierarchy of a global firm.

We work with a select number of clients at any time, which means every engagement receives our full attention. Whether you need a framework reviewed, a regulatory submission prepared, or a diagnostic of what's not working, we bring the same rigour and care to every brief.

B
Domicile
Bermuda-incorporated, Bermudian-led
R
Regulatory expertise
BMA supervision, BSCR, CISSA, EBS framework
C
Risk & capital
ERM frameworks, cat modelling, stress testing, CISSA
I
ILS & structured capital
SAC vehicles, cat bonds, collateralised re
P
Professional indemnity
Fully insured for all advisory engagements
Contact

Let's talk.

Whether you have a defined engagement or an early-stage question, we're happy to have a conversation.

Based in
Hamilton, Bermuda
Email
[email protected]

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Insights

Press releases & publications

Thought leadership, regulatory commentary, and firm announcements from Lighthouse Advisory.

Press releases
Publications
August 2026
Ravi Pachai, FIA Appointed to Inaugural Independent Non-Executive Director Role

Lighthouse Advisory Ltd is pleased to announce the appointment of founder Ravi Pachai, FIA as Independent Non-Executive Director at [Company Name], a Bermuda-regulated reinsurer. The appointment marks Lighthouse Advisory's first board-level engagement since the firm's launch and reflects growing demand for independent actuarial and risk expertise at board level in the Bermuda market. Mr Pachai brings more than two decades of Bermuda re/insurance experience, including prior service as a Deputy Director at the Bermuda Monetary Authority.

Governance
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July 2026
Lighthouse Advisory Ltd Commences Operations in Hamilton, Bermuda

Lighthouse Advisory Ltd, a new independent advisory firm serving Bermuda's re/insurance market, has formally commenced operations. Founded by Ravi Pachai, FIA — a Fellow of the Institute and Faculty of Actuaries with more than twenty years of Bermuda market experience spanning reinsurance underwriting, catastrophe modelling, Chief Risk Officer roles, and regulatory supervision at the BMA — the firm provides senior, conflict-free risk counsel to reinsurers, insurers, ILS managers, captives, and the boards and law firms that work alongside them. Lighthouse Advisory is incorporated in Bermuda and is professionally insured for all advisory activities.

Firm launch
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July 2026 Open access
Group Supervision in Bermuda: What the 2025 Reforms Mean for Designated Insurance Holding Companies

The Insurance Amendment (No. 2) Act 2025 introduced a new designated insurance holding company regime, bringing Bermuda's group supervision framework in line with international standards. This note sets out the key changes, the implications for existing group structures, and the practical steps boards and risk functions should be taking in 2026.

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July 2026 🔒 Gated
PPP Compliance Readiness: What Bermuda Insurers Need to Know Before 31 December 2026

The BMA's Prudent Person Principle amendments require compliance by 31 December 2026. This paper provides a practical readiness framework — covering governance structures, evidence requirements, and common gaps identified in early-stage PPP assessments — to help firms prepare for what the BMA will expect to see.

🔒 Full paper available on request
July 2026 🔒 Gated
Recovery Planning in the Bermuda Market: Lessons from the First Cycle

First-cycle recovery plans submitted to the BMA have surfaced a consistent set of quality issues — particularly around trigger calibration, governance escalation pathways, and credibility of recovery options. This paper draws on market experience to identify the most common gaps and sets out a framework for producing a plan that will withstand BMA scrutiny.

🔒 Full paper available on request
July 2026 🔒 Gated
The Effective Risk Function: A Practical Framework for Bermuda Re/Insurers

What does a genuinely effective 2LOD risk function look like in a Bermuda re/insurer? This paper moves beyond the theory to examine how risk appetite, policies, controls, and management information should interact in practice — and how boards can assess whether their risk function is delivering what it should.

🔒 Full paper available on request