The reinsurance arm of the world’s largest independent insurance broker is the newest member of the Association of Bermuda Insurers and Reinsurers (ABIR).

It takes ABIR’s membership to the highest number in the organization’s 28-year history - 31 insurers, reinsurers & brokers.

Lockton Re has also joined ABIR’s Broker Advisory Cabinet, which includes collaborative efforts among Bermuda’s leading re/insurers and brokers to sustain the island’s successful international re/insurance market.

Marc Grandisson, Chairman of ABIR and CEO of Arch Capital Group Ltd., said: “The Bermuda re/insurance market welcomes expansion of the broker community and its contribution to our continuing growth. I am pleased to welcome Lockton Re to ABIR.”

Lockton Re launched a new office in Bermuda in June.

Global CEO Tim Gardner said the firm was delighted with membership and becoming part of the important business community on the island.

“Bermuda,” he said, “is both a key reinsurance hub and an important focus for the global insurance world. Our Bermuda platform is an essential evolution in our strategy, building capability to service both clients in Bermuda as well as supporting our global client offering with local expertise.

“We look forward to working with ABIR and its members as we both grow and support the global profile of Bermuda and re/insurance.

“I know our excellent team on the island, led by Jonathan Davies, our CEO there, as well as myself and the global Lockton Re team, are really looking forward to this new working partnership.”

Lockton Re joins fellow global brokerages Marsh McLennan/Guy Carpenter and Willis Towers Watson on ABIR’s 2021 Broker Advisory Cabinet.

John Huff, President and CEO of ABIR, said: “With emerging climate, mortgage, terrorism, and cyber risks high on the agenda of business and government leaders around the world, the value of ABIR’s member companies to the global economy has never been greater.

“We are pleased to welcome Lockton Re to our growing membership, as we represent the leading companies in Bermuda’s international re/insurance market in our advocacy, public policy and education work.”