One of the world’s largest insurance and reinsurance brokers, Aon, has joined the Association of Bermuda Insurers and Reinsurers (Abir).

The association pointed out Aon’s significant and enduring presence in the Bermuda market for more than 50 years, having launched captive and insurance management operations on the island in 1970.

Abir said: “Aon has over 160 Bermuda-based employees, working in risk management, risk transfer, insurance and reinsurance broking, and consultancy products and services.

“As a leading global professional services firm, Aon provides advice and solutions focused on risk, retirement and health to clients in more than 120 countries.”

Marc Grandisson, chairman of Abir and CEO of Arch Capital Group Ltd., said: “Aon is one of the longest established participants in the Bermuda re/insurance market and is a significant contributor to the continuing growth of our industry. I am pleased to welcome Aon to Abir.”

Joe Rego, president of Aon Bermuda, said: “Bermuda re/insurance capital represents a critical source of risk transfer capacity for our global client base, and as we look to continue our growth trajectory in this marketplace, we are very pleased to join Abir, an organisation that represents both key trading partners as well as thought leadership in the global re/insurance space.

“As we continue to drive innovation and product development to meet the evolving risk needs of our clients, we are excited to expand our partnership with the Bermuda re/insurance industry and Abir in order to enhance Bermuda’s position as the ‘Risk Capital of the World’.”

Aon joins fellow global brokerages Marsh McLennan/Guy Carpenter, Willis Towers Watson and Lockton Re on Abir's Broker Advisory Cabinet, a body that allows collaborative efforts among Bermuda's leading re/insurers and brokers to sustain the island's successful international re/insurance market.

John Huff, president and CEO of Abir, said: “Abir's member companies lead the world in managing an ever-increasing spectrum of risks, including climate, mortgage and cyber. We are pleased to welcome Aon as a member as we continue to represent the public policy interests of the leading participants in the vibrant and innovative Bermuda re/insurance marketplace.”