Bermuda's insurance and reinsurance companies employ over 9,000 Americans and indirectly generate an estimated 95,045 jobs in the US, according to a new study released by the Association of Bermuda Insurers and Reinsurers.

Some of the key findings were used in a US Senate Finance Committee hearing in September this year when the insurance industry gave its side of the story versus that of a collection of domestic US insurers led by W.R. Berkley Corporation who are calling for changes to regulations affecting offshore companies that deal with US-generated insurance business through affiliated ceded reinsurance and alike.

Some of the key arguments were reported by The Royal Gazette at the time. They have been included and expanded upon in a full 31-page report by ABIR that has just been released.

The report states that US operations of Bermuda's 23 major insurance carriers employ approximately 9,600 Americans. In addition, the industry estimated that 14,287 jobs in the US finance, real estate and insurance brokerage sectors, among others, were indirectly created in 2005 and that a wider analysis shows up to 80,000 jobs "induced" in other service industries.

In The Royal Gazette this coming Monday a full report an analysis of the study, entitled 'Analysis of the US Economic Impact of Bermuda based Insurers and Reinsurers', will be published.