Three companies join Abir as new members
International re/insurance industry leaders Aeolus Capital Management, Ariel Re and Fortitude Re will join the Association of Bermuda Insurers and Reinsurers for 2021, the industry body announced today.
The chief executive officers of the three companies – Andrew Bernstein at Aeolus, Ryan Mather at Ariel, and James Bracken at Fortitude – have been named to the Abir board.
Albert Benchimol, president and chief executive officer of Axis Capital and chairman of Abir, said: “I am pleased to welcome Bermuda international risk transfer leaders Aeolus, Ariel Re and Fortitude Re to Abir.
“Through Abir, Bermuda’s leading insurers and reinsurers collectively represent the industry at home and abroad and these leading international companies help build upon the important public policy, advocacy and education work ahead for 2021.”
Abir said Aeolus manages capital on behalf of investors seeking the superior risk adjusted returns and diversification benefits available from investing the property catastrophe reinsurance and retrocession market. Aeolus is based in Bermuda and its capital providers include some of the most sophisticated investors in the world.
The industry body said Ariel Re transacts a broad array of reinsurance business through offices in Bermuda, London and Hong Kong. They are multi-line reinsurers meeting the business needs of a diverse client base. Originally founded in 2005, Ariel Re has a long record of outstanding performance and was acquired by Pelican Ventures and JC Flowers in November, capitalised for the 2021 year of account.
Abir said Fortitude Re is a large, independent multi-line provider of run-off management solutions backed by a consortium of sophisticated, long-term oriented institutional investors led by The Carlyle Group and T&D Insurance Group. Fortitude Re’s experience in executing bespoke transactional solutions for legacy Life & Annuity and P&C lines is now available to all leading insurers.
John Huff, chief executive officer of Abir, said: “The Bermuda re/insurance market capacity, capital and talent are critical to the international challenges of 2021. Abir is pleased to be joined by these global leaders.
“Advancing the Abir value-proposition has never been more important as are member companies offer global, well-regulated capital management tools, protection and peace-of-mind to consumers and businesses in over 150 countries.”