The Association of Bermuda Insurers and Reinsurers (“ABIR”) has reported that gross written premium in 2018 exceeded US$100 billion for its member reinsurers.
Twenty-one of 23 member reinsurers participated in the 2018 report. The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, and North and South America.
The ABIR said that the 21 reinsurers wrote US$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 reinsurers. Long known as a leader in natural catastrophe coverage, ABIR members are also leveraging capital, expertise, and talent in cyber and specialty lines,” said John M. Huff, ABIR’s president and chief executive officer. “ABIR members are well-capitalized and reached a milestone in breaking US$100 billion in 2018 gross written premium.”
Learn more: www.ABIR.bm.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].