Michael Woodroffe, president and cofounder of Bermuda captive reinsurance broker Kirkway International, has been voted the individual Reinsurance Broker of the Year by readers of Captive International US.

In what the captive insurance magazine called a “highly contested” affair, hundreds of captive insurance industry professionals also voted Kirkway the Captive International US Reinsurance Broker Firm of the Year.

Captive International US wrote to Mr Woodroffe on the publication’s LinkedIn page: “Your dedication to connecting clients with the best reinsurance solutions is unmatched.”

Mr Woodroffe, also on LinkedIn, responded: “I am honoured and a little surprised that we won the corporate and individual awards this year. Congratulations to all the other winners and thanks to those of you that voted for us.

“It is going to be a busy year again in the sector.”

His comments are followed by a host of congratulatory remarks from industry professionals.

The double victory in the US captive section came as a surprise, perhaps because Mr Woodroffe and Kirkway are longtime Bermuda market staples in captive reinsurance.

He has been with the Bermuda broker for more than 35 years, since 1989, after stints with Amberco Brokers and RK Harrison.

Kirkway International’s win this year comes after being highly commended in the awards last year. And Mr Woodroffe’s win this year comes as two executives from giant reinsurance broker Guy Carpenter were highly commended.

In remarks to The Royal Gazette, Mr Woodroffe said: “It is a great honour for a specialist broker such as Kirkway International to win these awards.

“We could not have achieved this without the support of the Bermuda-based casualty treaty market over several decades. The depth of both underwriting and actuarial talent here is incredible.

“We specialise in reinsuring captive insurers and managing general agencies with a focus on commercial and private passenger automobile business, medical malpractice, general liability, construction, workers’ compensation and trade credit.”

With market changes, Mr Woodroffe said, he sees an important role for the Bermuda market going forward.

He said: “I believe the recent announcements of major European reinsurers such as Swiss Re, Hannover Re and Scor Re, among many, to reprice or withdraw from much US casualty treaty business will create a difficult market for cedents.

“Bermuda and London will be essential in being able to complete both large placements and specialist areas.

“I believe Bermuda has been conservative, in recent years, in the casualty sector and avoided much of the domestic underpriced business. I am very optimistic for our future based on the strong balance sheets of reinsurers based here.

“Challenges such as litigation finance and the almost exponential growth in severity of claims abound. Bermuda’s creativity will yet again help solve them.”

Captive International has released its US Awards 2024 roll call by 15 award categories, including Domiciles, Captive Managers and Reinsurers.

The publication said: “The captive insurance industry has evolved into a significant force within the broader US insurance landscape. No longer just an ‘alternative’ option, captive insurance is now a mainstream approach that provides organisations with the flexibility, control and financial benefits they require to manage their risks.”