Chris Garrod, Director, Insurance and Head of FinTech, Conyers Dill & Pearman Limited
Chris Garrod is a Director in the Corporate department of Conyers Dill & Pearman Limited and is the Head of the Firm's FinTech group. He is also a member of the Firm's insurance practice in Bermuda. Previously, Chris served as a member of the Firm's management, and during that time acted as the Firm's Partner in charge of Human Resources.
Chris advises on all matters involving FinTech and digital transformation generally, including Insurtech. He has worked with and assisted clients in forming crypto currency vehicles using blockchain-based technology, setting up Bermuda's first digital token issuer in late 2017.
Following its formation, Chris joined the Government of Bermuda's Blockchain Legal and Regulatory Working Group and its Business Development Working Group.
As a born Bermudian, Chris has enjoyed speaking at several conferences and events in Bermuda and the US, advocating Bermuda's growing FinTech industry, most recently presenting at the Consumer Electronics Show's Digital Money Forum.
He currently serves as an active member of the Bermuda Business Development Agency's FinTech Legal and Regulatory Subcommittee and as a director of the Association of Bermuda International Companies. He also serves as a director of the Bermuda Foundation of Insurance Studies. He earlier served as a director of BermudaFirst, an organization mandated to develop a National Socio-Economic Plan for Bermuda, and was a member of the Island's Insurtech Working Group.
Chris has a bachelor's degree in anthropology and geography from University College London, UCL. Chris studied law at the College of Law in London and trained as a solicitor at Denton Hall (now known, after several mergers, as Dentons.). Following his admission to the roll of solicitors as a member of the Law Society of England and Wales, Chris returned to Bermuda and joined Conyers Dill. He has been a member of the Bermuda Bar Association for twenty-four years.
Besides FinTech, his practice includes advising on Bermuda reinsurance structures and working with or forming large commercial insurers, life reinsurers, insurance captives, special purpose insurers, and segregated account vehicles. He also generally advises on all aspects of Bermuda corporate law, including mergers and acquisitions, takeovers, reorganizations, and re-domestications.
What is your favourite social media platform, and why?
Twitter, easily. It is just so social, and I've learned so much from those who I follow. Best explained here.
Tell us about you and your current role or area of interest.
While a senior Director at Bermuda's largest law firm, Conyers Dill & Pearman, I also practice corporate law. I have an insurance practice, and I'm the Head of the Firm's FinTech Group. I love working with all of my corporate and insurance clients, but I particularly enjoy focusing on the latter: FinTech.
I was involved right from the start of FinTech becoming a new industry for the Island in late 2017 and early 2018. It is now transforming to become the third pillar of our economy (the other two being tourism and reinsurance.) At the very beginning, I'll never forget sitting around a table of CEOs and senior folks from our Ministry of Finance, Bermuda Monetary Authority, Registrar of Companies, Anti-Money Laundering Committee, some bankers, and others, with a gigantic whiteboard at the end of a meeting room at the Bermuda Business Development Agency's offices. It came down to "how are we going to do this?"
At the time, our Minister of National Security took on the forefront of Bermuda's role in this space, the Hon. Wayne Caines, who later attained the nickname "the Minister of Blockchain" as he was so invigorated by what we were doing – so he led the meeting. He truly wanted to make Bermuda become the "Silicon Valley of the Atlantic."
That's where I think we are gradually heading. Though so many people were sceptical initially (partly because of the so-called evils of "crypto"), the Island is now attracting substantive digital asset business to establish and set up a presence on it.
So, I'm happy to say I was there, at that table, helping as much as possible from the starting point to where Bermuda is now - an industry leader.
What do you like about your career or area of focus?
What I'm doing is nascent and much fun. I love being involved in such a cutting-edge industry; when you turn your head and start to engage with clients interested in issuing tokens, setting up exchanges, looking at DeFi matters, or forming entities to issue NFT's. I'm looking forward to entering a legal metaverse soon!
Outside of the interest element, I also enjoy teaching others about it, just because it is so new, and many people find it hard to understand what blockchain is, let alone moving onto the subject of NFT's.
What is the best advice you have ever received?
It's better to remain silent and be thought a fool than to speak and remove all doubt...
What inspires you, motivates you, or helps you to move forward?
Other than coffee?
What are you proud of in your life so far?
To be honest, me. Not being arrogant, but I'm proud, especially with the help of those close to me, to get me where I am today.
What is your preferred way to meet new people/network?
I tend to meet those with common interests using social media platforms, such as Twitter, where you may not physically meet someone (and who is very much during the pandemic?) There is a type of collective effervescence amongst groups who share similar interests and like to share information - a social media unity of sorts.
What skills or qualities do you feel have helped you?
My sense of humour, primarily. While still being professional, it's always enjoyable to hear a little laughter on the other end of the telephone or video chat about something you've said, at the office or home, of course, especially with my kids.
What do you wish you had known when you started out?
Move slower. That's advice I'd give anyone starting out. Life isn't a race.
Who do you most admire in business, academic or creative circles and why?
Right now, I'd say Dr Timnit Gebru, an AI Ethics leader looking to improve the ability of technology to do good for the benefit of society and who dared to stand up against a BigTech company where she worked: Google. When challenged, she was allegedly harassed and eventually terminated because of her research. Still, she has now moved on to continue her work regarding the effect of AI on society through her newly formed Distributed Artificial Intelligence Research Unit.
She is a great role model for anyone with ethical concerns in the AI/machine learning field - whether white or black, male or female, but particularly those who are minorities and who are hobbled from the starting point.
Outside of your professional/work area, what hobbies or interests do you have or what other areas of your life are of real importance to you?
Well, I'm a bit of a "music-holic" and wake up every day looking forward to what to sing in the shower, particularly new music. Someone said to me the other day, "You seem to like music I wouldn't expect people at your age should like." OK, fair enough. One of my favourite band's lead singers is half my age, but I won't hold that against him.
Has the pandemic had a positive or a negative effect on you and/or your business, and how have you managed it?
I think it has been positive. I was remarkably proficient, efficient, and productive when working from home. I've met a lot of clients and other legal counsel I'd never seen (visually) before.
Do you have a mentor, or have you ever mentored anyone?
I once mentored a legal pupil doing her training at Conyers with remarkable potential, and we clicked well together. In the end, I was proud to call her to the Bermuda Bar, take several overseas FinTech trips with her on business promotion, and I'm delighted she is also now a Director at Conyers. I'll currently even go to her for backup legal advice!
What advice would you have for someone looking to get into the same area of work or interests?
Listen, pay attention to those in senior positions around you, and ask questions because you'll never learn by just following precedent after precedent. No one will remember mistakes made at the start of your career because, more than likely, they will expect that you will make mistakes.
What do you feel is the most common reason for people failing or giving up?
A lack of patience. The feeling you've hit a wall. I've seen it with some former colleagues who have just decided, "I cannot take this anymore," move on, thinking they are moving on to the next, great thing without any substantive thought. So, I'd say, "please think before you try to leap."
Is there a phrase, quote or a saying that you really like?
I'm a huge Beatles, and particularly Paul McCartney fan, and one of my favourite quotes will always remain the epitaph on Abbey Road from "The End."
"And in the end, the love you take is equal to the love you make." So, what you give, is what you get; what goes around comes around.
What companies, brands, or institutions do you like or do you think are getting it right?
I'll focus on the BigTech ones (which is a toughie), and of those, I think Apple is. They are not perfect - especially looking at the recent AirTag controversy - but I think of all of them, they're doing their best to address matters such as data privacy. As a brand, yes, I also do like their products.
How do you define success, and what lessons have you learned so far that you could share with our audience/readership?
To look back at what you've done, both professionally and personally, and have no regrets. That's not an easy accomplishment for many, but I am relieved it is for me. All I can say is think about every day and ask yourself.
"Am I enjoying myself, and is this for me?"
If either answer is "no,". then you need to think about why, can you make it better, if so, how, or whether you should move on to something else? And think carefully.