Bermudians at top insurers earning average $200,000

The hundreds of Bermudians working in the Island’s reinsurance industry- even in this economy- are making an average of almost $200,000 a year.

In addition, the Island’s 22 major re/insurers pumped nearly $1 billion ($971 million) into the local economy last year, including $10 million to charities.

New figures from the Association of Bermuda Insurers and Reinsurers (ABIR) also show the industry employs 1,696 people- on the Island. Of that number, 66 percent are Bermudian.

While the total number employed in the industry on Island has slipped from about 1,782 in 2007 to just under 1,700 in 2010, the number of Bermudian employees has risen from 1,098 in 2007 to 1,128 in 2010.

By comparison, ABIR’s 22 members, who include Ace, XL, PartnerRe and Hiscox, employ some 32,000 employees globally. ABIR says reinsurers have been increasing their employee counts in Asia, Europe and the US.

The figures are based on the results of ABIR’s 2010 economic impact survey.

According to the survey, ABIR members’ 2010 economic contribution to Bermuda included:

l $737 million in aggregate compensation (salaries, stock options, bonuses, benefits) to all employees based in Bermuda

l $302 million in salary and other compensation paid to just Bermudians

l $116 million in payments on construction, real estate, housing, rentals or office leases

l $81 million paid to Bermuda-based third party business consulting providers

l $27 million in travel and entertainment payments

l $10.6 million in contributions to Bermuda-based charities.

“ABIR’s members are integral to a successful economy in Bermuda,” said Dinos Iordanou, ABIR board chairman and Arch Capital Group CEO.

He noted that the average salary and benefits compensation for ABIR member Bermudian citizens only was $197,000 in 2010; while the median was $127,000 (that means of the 1,128 Bermudian employees, half had compensation higher than this number and half had compensation lower than this number).

Average salary and compensation for Bermudians has risen substantially to $197,000 from $108,000 back in 2007.

“ABIR members provide good quality jobs for Bermudian citizens and it is in our self interest to hire Bermudian employees with skills and talents that match our needs,” Iordanou said.

ABIR president Brad Kading said the group is pleased by the Government’s plans to offer permanent residency status to some 10-year work permit holders, plus other initiatives including plans to identify job categories that will be exempt from term limits.

“We strongly support the government’s efforts to create incentives for senior executives with hiring authority to be resident in Bermuda,” Mr. Kading said.

“We are quite encouraged by the Premier’s recent announcements on this matter and we are looking forward to the development of the implementing measures.

“The more executives with hiring authority located in Bermuda, the more opportunities there will be for additional Bermudian citizens to find jobs with these employers.

“Additional executives will provide additional spending which will further boost the hard hit hotel and restaurant sector.”

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Published Jul 15, 2011 at 9:08 am (Updated Jul 15, 2011 at 9:06 am)

Bermudians at top insurers earning average $200,000

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