Abir members wrote nearly $100bn in premiums
A group of the largest commercial re/insurers in the Bermuda market wrote nearly $100 billion in gross premiums last year.
The Association of Bermuda Insurers and Reinsurers released its underwriting survey, in which 21 of its 23 member companies participated.
And despite a year of huge payouts on catastrophe claims related to hurricanes, wildfires and earthquakes, the group reported combined net income of $4.1 billion for their global businesses.
The companies write insurance and reinsurance business out from underwriting centres in Europe, Asia, North and South America, as well as Bermuda. The group wrote $97 billion in global gross written premium on a capital and surplus base of $122.1 billion.
The gross premium to equity ratio for the group was .79 to 1.
John Huff, president and chief executive officer of Abir, said: “2017 natural disaster activity was a significant test for global re/insurers and the Bermuda market passed with flying colours.
“The Bermuda market is estimated to shoulder about $30 billion of losses from Hurricanes Harvey, Irma and Maria.
“Members are capitalised and seek to close the insurance protection gap in developed and emerging markets to put risk capacity to work. Expense reduction and exploring new product development opportunities continue to be a focus of Abir members.”
Abir is preparing to stage a forum to celebrate its 25th anniversary next week.
The July 10 event will feature some of the best-known characters in the industry over the past quarter of a century, including executives past and present, alongside global regulatory leaders.
An impressive who’s who of Bermuda’s global insurance market will discuss the state of the industry and major trends affecting risk management at an upcoming leadership forum marking the 25th anniversary of the Abir. The event, scheduled July 10 in Bermuda, will see high-profile executives past and present alongside global regulatory leaders participate in an afternoon of panel debates focused around big themes impacting the industry.
Louis Somner (1959-2018)
Police reprimanded over file search
MPs unite against ‘bullying’ EU
Population concern as retail sales dip again
Burt: Interpol helped to assess Arbitrade
MPs back Bermudiana resort
Cruise ship breaks moorings
Melonie gives back to 87 foster children
Take Our Poll