Abir workforce nearly three-quarters local

  • Hefty contribution: Abir member companies are a major driver of the island’s economy (Graphic by Abir)

    Hefty contribution: Abir member companies are a major driver of the island’s economy (Graphic by Abir)

  • Jobs providers: Abir members provide significant employment on the island (Graphic by Abir)

    Jobs providers: Abir members provide significant employment on the island (Graphic by Abir)

Member companies of the Association of Bermuda Insurers and Reinsurers saw their headcount rise in Bermuda last year in a workforce that was nearly three-quarters local.

Abir said in a statement tonight that 24 members made a direct economic substance contribution to Bermuda of nearly $815 million last year, down from $843 million in 2017.

The spending included travel, business, charity giving, construction expenses and compensation paid to Bermudian-based employees.

“Abir members continue to be the leading contributor of economic activity in Bermuda,” said Albert Benchimol, chief executive officer of Axis Capital and chairman of Abir. “Abir members have proudly invested in training and development and the results are clear — they are reporting the highest share of Bermudian team members at their companies in the history of our 14-year survey, with record median salaries for Bermudians.”

Highlights of the 2018 survey results showed Abir members contributed:

• $637 million in payroll to Bermudian-based employees

• $6.5 million in charitable contributions

• $93.4 million on construction, real estate, housing, and office space in Bermuda

• $59.3 million on legal, accounting, actuarial, temporary services and other consulting services

• $18.7 million on hotels, airfare, restaurants, taxis and catering

Abir members employed 1,530 full-time staff in Bermuda (up 35 people from 2017), of which 1,135 were Bermudians, spouses of Bermudians, or permanent residence certificate holders — an increase of 4.4 per cent since 2017. Now at over 74 per cent, the percentage of Bermudians employed in Abir members’ Bermuda operations is at the highest since 2009.

Notably, the median annual salary and benefits paid to Bermudians by Abir member companies now tops $184,400 — the highest since this metric was established in 2007.

Abir members continue to invest in a vibrant local workforce and provided 57 internships to Bermudians in 2018. Educational scholarships in Bermuda by Abir members increased in value by 40 per cent from 2017, to $1,595,400, the highest amount since 2012.

Five Abir members offered graduate training programmes for Bermudian employees and half have established internships; members also reported other training and development opportunities available, such as tuition reimbursement and leadership training.

All Abir members have licensed operating companies in Bermuda, and more than 58 per cent have an ultimate holding company in Bermuda. Outside Bermuda, Abir members reported the top-five locations for their global operations were: United Kingdom, United States, Switzerland, Ireland and Luxembourg.

John Huff, Abir’s chief executive, said: “Abir members are proud of their investment — economic substance — in Bermuda’s economy. Bermuda is a world-respected platform for global business that welcomes top-quality corporate brands.

“As a global underwriting centre, Abir member companies are committed to delivering economic substance in Bermuda.”

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Published Oct 4, 2019 at 8:00 am (Updated Oct 4, 2019 at 8:35 am)

Abir workforce nearly three-quarters local

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