ABIR members posted bullish results last year as market diversifies

Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) recorded a strong 18 percent year-over-year increase in premium written in 2023—cementing Bermuda’s enduring relevance to the global risk transfer landscape, the body claimed, as a significant Bermuda contingent prepares to attend the Rendez-Vous de Septembre.

ABIR’s Global Underwriting Report, released on September 3, comprises data from 25 of 31 member re/insurers for the calendar year 2023. The Group generated gross written premium of over $171 billion, up from $145 billion in 2022. In 2023, the Group’s total equity increased to $164 billion, from $117.6 billion in 2022.

“The Bermuda market continues to diversify into growing specialty lines.”

The participating companies write insurance and reinsurance from underwriting centres in Bermuda, the UK, Europe, Asia, North and South America. ABIR members reported net income of $32.3 billion, up from $5.1 billion in 2022, largely a result of an improved claims environment. ABIR analysis indicates 92 percent of gross written premium is attributed to publicly traded member companies.

The report noted that the Bermuda market continues to diversify into growing specialty lines including cyber, mortgage, political and terrorism risk, transactional liability and financial lines coverage, building on the Bermuda market’s historic global dominance in property coverage.

The global underwriting report results were impacted by the acquisition of Validus by RenaissanceRe, and by the addition of Sompo International as an ABIR member in 2023.

Pina Albo, chair of ABIR and CEO, Hamilton, said: “The results of ABIR’s Global Underwriting Report reflect strong and growing global demand for the risk transfer expertise and robust capital base of ABIR member companies. 

“Bermuda’s enduring relevance as a global re/insurance hub is testament to its world-class industry talent, innovative culture and internationally recognised regulator, unique attributes that enable the Bermuda market to deliver solutions to large and complex risks, with unparalleled speed to market.”

John Huff, CEO of ABIR, said: “ABIR is pleased to include Sompo International in its results for this year. The overall results demonstrate that Bermuda’s leading insurers and reinsurers continue to play a central role in providing capital and capacity, innovative solutions for customers, and peace of mind for consumers around the world.”

For more news from the Rendez-Vous de Septembre (RVS) click here.

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