ABIR contributes $886.8m to Bermuda

Members of the Association of Bermuda Insurers and Reinsurers directly contribute $886.8 million dollars to the Bermuda economy, an increase of nearly $70 million over 2012.

ABIR represents 21 international insurance groups all of which have essential underwriting operations in Bermuda. Nineteen ABIR members participated in the survey.

Members also employ more than 1,500 people in Bermuda.

“ABIR’s members represent the largest business segment in Bermuda, directly and indirectly driving economic activity, jobs, tourism and government revenues. The Government’s action to ease business travel restrictions, lengthen work permits and foster long term residence opportunities will bear fruit over time in employee location decisions. For every employee we bring to Bermuda, more jobs for Bermudians are created,” said Mike McGavick, chair of the ABIR board, and chief executive officer of XL Group. “The trend towards consolidation and the soft market conditions, however, will continue to affect our local employment.”

Brad Kading, ABIR president, said: “ABIR’s members employ over 1,500 people in Bermuda. Sixty-five percent of those employees are Bermudian. Bermuda is the centre of innovation in property catastrophe underwriting and the location of key talent in this business segment has allowed Bermuda to attract significant amounts of capital from pension funds to further grow Bermuda’s footprint in the alternative capital market.

“The Bermuda Monetary Authority’s accomplishments in meeting international regulatory standards and the leadership of the Minister of Finance in meeting the necessary high levels of transparency, cooperation, and tax law compliance are twin foundations necessary for this business to thrive here. We applaud their actions.”