Bermuda reinsurers post record $171bn of gross written premium
Members of the Association of Bermuda Insurers and Reinsurers generated 2023 gross written premium of more than $171 billion, up from $145 billion in 2022.
This was revealed in the association’s global underwriting report, released just days ahead of one of the most significant global gatherings of senior reinsurance executives.
A significant Bermuda contingent is preparing to attend the Rendez-Vous de Septembre, an annual gathering of the global reinsurance industry in Monte Carlo, from September 7 to 11.
The event traditionally marks the start of discussions between all industry players ahead of January reinsurance contract renewals.
It comes as Abir chairwoman and chief executive officer of Hamilton, Pina Albo, 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.”
In 2023, the group’s total equity increased to $164 billion from $117.6 billion in 2022.
The report, including data from 25 of 31 member companies for the calendar year 2023, revealed that they recorded a strong 18 per cent year-over-year increase in premium written.
An improved claims environment also led members to see $32.3 billion in net income, a $27.2 billion increase.
Ms Albo said Bermuda’s enduring relevance as a global [insurance and reinsurance] hub is testament to its world-class industry talent, innovative culture and internationally recognised regulator.
Abir attributed 92 per cent of gross written premium to publicly traded member companies.
The report’s results were impacted by the acquisition of Validus by RenaissanceRe, and by the addition of Sompo International as an Abir member in 2023.
Abir CEO John Huff said: “The results of the report demonstrate that Bermuda’s leading insurers and reinsurers continue to play a critical role in providing capital and capacity, innovative solutions for customers, and peace of mind for consumers around the world.”
Abir’s underwriting data release comes days after a report from credit ratings agency AM Best also highlighted the Bermuda market’s strength and growth, pointing out the key role in an estimated 14 per cent growth in global reinsurance capital in 2023.
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