Bermudian-based reinsurance platform Brit Ltd is the newest member of the Association of Bermuda Insurers and Reinsurers. Brit Re’s head of office, Bermuda, Jonathan Stephenson has been appointed to the board of directors.

Abir, which represents the public policy interests of Bermuda’s international reinsurers, now has a record 34 member carriers, as well as three intermediaries in its broker advisory cabinet.

Mark Cloutier, Abir chair and executive chair of Aspen Insurance Group, welcomed Brit Re saying Mr Stephenson would be a valuable addition to the Abir board given his deep industry insight and experience.

Mr Stephenson said: “Building out our team at Brit Re to capitalise on the opportunities in Bermuda’s vibrant, multiclass reinsurance market is a priority for us. Brit Re is a significant growth pillar for Brit and we aim to create a meaningful, long-term presence in Bermuda.”

He added that as Brit Re continues to build out its Bermuda footprint, they are proud to join Abir.

“It is an organisation that has done so much to build the global reputation of this thriving marketplace as a leading risk management hub,” Mr Stephenson said.

Brit Re is part of Brit, a leading global provider of insurance and reinsurance, owned by Fairfax Financial Holdings Ltd. Brit is headquartered in the UK with offices in London and Bermuda.

A full-service reinsurance platform, Brit Re redomiciled to Bermuda in 2017 and holds a financial strength rating of ‘A’ (Excellent) from AM Best. In 2024, Brit announced its strategic plan to significantly grow its property, casualty and speciality reinsurance footprint in Bermuda and has recruited industry leading talent to drive the expansion.

Abir chief executive officer, John Huff, said: “Brit Re’s expansion plans in Bermuda are good news for the island and for the market. We are pleased to welcome Brit Re to Abir.”

He said Abir’s member companies lead the world in assembling the capital and expertise needed to address the world’s most complex and evolving risks – from natural catastrophes and climate change to cyber threats, mortgage, speciality, and legacy risks.

Mr Huff added that Abir member companies also lead the Bermuda economy.

The group made an aggregate, direct economic contribution of more than $1 billion in 2023, according to Abir’s 19th annual Economic Substance Survey and are also Bermuda’s largest private-sector employer with 2,140 full-time employees on the island, of whom 1,441 are Bermudians, spouses of Bermudians, or permanent resident certificate holders.