Members of the Association of Bermuda Insurers and Reinsurers wrote more than $92 billion in global gross premiums last year.

The business was done on a capital and surplus base of $123.6 billion and Abir members reported net income of $10.2 billion in their global business.

Bradley Kading, president and executive director of Abir, said: “While soft market conditions prevail, the resilience of the members is demonstrated by their robust underwriting results.

“Members continue to seek new markets in the developed and developing world to put risk capital to work.

“Abir members continue to be focused on reducing expenses and exploring new product opportunities.”

The 2016 report was made of responses from 21 of the 23 insurers and reinsurers who make up Abir.

Mr Kading said that comparison should not be made between the 2016 underwriting report and the previous one.

He explained the association had added three members, while several existing members had made major acquisitions during the reporting period, with growth in premium and surplus between the two years largely attributable to these factors.

Mr Kading added: “As a representative of global risk underwriters, in its public policy work Abir focuses on the consumer benefits of increased capacity and reduced price that result from the ability to diversify global risk on to a flagship balance sheet.

“Protectionism in regulatory or tax public policies harms the ability of these global reinsurers and insurers to diversify risk and thus makes insurance markets less competitive.”