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Abir members top $100bn in 2018 premium

Milestone: Abir members wrote more than $100 billion in premium last year (File photograph)

Members of Abir chalked up more than $100 billion in gross premium for the first time in 2018, according to a survey by the re/insurance industry organisation.

The Association of Bermuda Insurers and Reinsurers today released the 2018 global underwriting results for its member re/insurers.

Twenty-one of the 23-members participated in the report. The companies write insurance and reinsurance from underwriting centres in Bermuda, Europe, Asia, North and South America.

The 21 re/insurers wrote $100.3 billion in global gross written premium on a capital and surplus base of $120 billion.

They reported net income of nearly $4.3 billion in their global businesses. The gross premium to equity ratio for the group was .83 to 1.

“High severity natural catastrophe losses in 2017 and followed on by 2018 wildfires, hurricanes, typhoons and tornadoes proved the value proposition of global markets and Bermuda re/insurers.

“Long known as a leader in natural catastrophe coverage, Abir members are also leveraging capital, expertise and talent in cyber and specialty lines,” John Huff, chief executive officer of Abir, said.

“Abir members are well-capitalised and reached a milestone in breaking $100 billion in 2018 gross written premium.”

Mr Huff cautioned against making comparisons from this year’s underwriting report with previous years, noting that the association membership can vary annually along with the M&A activity in the industry.