ACE Leads Way For Bermuda Insurers In 2010

ACE Ltd. is the strongest Bermuda-based insurance company, according to data released by the Association of Bermuda Insurers and Reinsurers (ABIR).

The data notes that the 22 insurers and reinsurers based in Bermuda wrote nearly $62 billion in global gross written premium on a capital and surplus base of $90 billion in 2010.

The companies reported a combined net income of $11.4 billion.

ACE had nearly one-third of total gross premiums written in 2010—$19.5 billion.

ACE had total equity of almost $23 billion in 2010, with XL Group second with total equity of $10.6 billion.

ACE had net income of $3.1 billion in 2010, while Axis Capital Holdings was second among the group with net income of $856.7 million.

XL Group wrote $6.7 billion in gross premiums—second most among the group—but its net income was only $643.4 million.

At the same time, the report says Bermuda insurers and reinsurers have responsibility for 14 percent of the reported claims liabilities for the internationally reinsured share of the March 11 Japan earthquake and tsunami.

The report notes that 2010 was characterized by large catastrophe losses that have continued with the Japanese and New Zealand earthquakes of 2011.

Despite these losses, the shareholders' equity of the ABIR members has continued to grow, rising from $84.4 billion at year-end 2009 to $90 billion at year-end 2010.

“The growth in capital and surplus despite large loss events demonstrates the strong capital position of these companies,” the report says.