Class of 2020-21 start-ups propel Abir to record membership
The membership of the Association of Bermuda Insurers and Reinsurers has hit a new record with the arrival of three global market entrants from Bermuda’s “Class of 2020-21.”
Conduit Reinsurance, Canopius Reinsurance and Mosaic Insurance are the newest members of Abir, expanding the organisation’s membership to 29, the highest total in its 28-year history.
Conduit Re chief executive officer Trevor Carvey, Canopius Re Bermuda CEO Charles Craigs, and Mosaic CEO Mitch Blaser, have been named to the Abir board.
All three companies belong to the “Class of 2020–21” start-ups, which, together with existing carriers, have attracted an estimated $19 billion to the island in the past year and turned a renewed industry spotlight on the Bermuda market.
Marc Grandisson, chief executive officer of Arch Capital Group and chairman of Abir, said: “Bermuda has shown its international strength once again in attracting insurance and reinsurance start-ups during this time of significant growth in our industry. I am pleased to welcome these new companies and their seasoned executives to Abir.”
Conduit Reinsurance is a Bermuda-based reinsurer that launched in December 2020, when the group’s holding company, Conduit Holdings Limited, completed an initial public offering on the London Stock Exchange that raised $1.1 billion. Headquartered in Hamilton with an office in London, Conduit Re is a Class 4-licensed Bermuda insurance company.
The business is led by executive chairman Neil Eckert and Mr Carvey.
Canopius Reinsurance recently announced its Bermuda-based reinsurance company, led by Mr Craigs, has been granted a Class 4 reinsurer license by the Bermuda Monetary Authority. The reclassification significantly extends Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks.
Canopius Group is a global specialty re/insurer with underwriting operations in Australia, Bermuda, Singapore, the UK and US.
Mosaic, a Bermuda-based global specialty insurer, was founded last month by industry veteran Mr Blaser. With San Francisco-based Golden Gate Capital as its majority investor, Mosaic has a new Lloyd’s Syndicate, 1609, as its centreepiece, coupled with a wholly-owned syndicated capital management agency with underwriting hubs in Bermuda, London, the US and Asia.
Mosaic’s focus is on complex specialty lines of business with strong growth trends – transactional liability, cyber, political risk, political violence, environmental, financial and professional lines. The company’s partners include Asta Managing Agency at Lloyd’s and multinational DXC Technology.
John Huff CEO of Abir, said: “Bermuda’s leading insurers and reinsurers, working collectively as Abir, represent the industry at home and abroad, and these new, international start-up companies will help build upon the important public policy, advocacy and education work ahead for 2021.
“Advancing the Abir value proposition has never been more important as our member companies offer global, well-regulated re/insurance products, protection, and peace of mind to consumers and businesses in over 150 countries.”