22 April 2014 Insurance

Bermuda’s re/insurers post solid results

Members of the Association of Bermuda Insurers and Reinsurers (ABIR) wrote more business, strengthened their capital positions and were increasingly profitable in 2013, according to a report by the association.

According to an analysis of 18 of its 21 members, ABIR found that gross written premiums rose to $70.1 billion in 2013 from $66.4 billion in 2012. Capital and surplus rose during the period to $95.4 billion from $95.2 billion, while net income increased to $11.7 billion, up from $9.4 billion in 2012.

Brad Kading, president and executive director of ABIR, said: “The $11.7 billion in net income demonstrated earnings power during a year characterised by low catastrophe losses. But this number was still below net income reported by the membership in 2009.

“ABIR members reported their largest group total equity base in the eight years in which data has been collected, even though the number of members reporting was reduced by one due to an acquisition completed in 2013.”

Kading added: “ABIR members have welcomed the interest of alternative capital providers including pension funds into the risk taking business and have focused in 2013 on expanding markets given the availability of new capital in taking on insurance and reinsurance risk.”


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More on this story

Insurance
25 September 2023   UK insurance association ABI and Bermuda’s ABIR sign a memorandum of understanding.
Insurance
11 January 2023   Convex chair Stephen Catlin and AIG Re CEO among other newly elected officers.
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12 September 2022   Bermuda remains well placed to help the industry solve challenges including a capacity crunch in property-cat business. That was the broad sentiment of nine industry leaders attending the annual Bermuda Roundtable in Monte Carlo, hosted by Bermuda:Re+ILS and sponsored by Aspen.

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