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.”