Bermuda Re/Insurers Post Strong 2014 Global Underwriting Results: ABIR

The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2014 global underwriting results for its member (re)insurers, with 19 of 21 member (re)insurers participating in the survey.

The ABIR said: “The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, and North and South America. The 19 (re)insurers wrote $74 billion (US) in global gross written premium (up from $70.1 billion in 2013) on a capital and surplus base of $99.3 billion (up from $95.4 billion in 2013). The reported net income of $11 billion was down from $11.7 billion in 2013. The gross premium to equity ratio for the group was .75 to 1.”

Bradley Kading, ABIR president and executive director, noted: “As was the case in 2013, the $11 billion in net income demonstrated earnings power in years characterized 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 nine years in which data has been collected; partly due to lower than average catastrophe losses,” Kading added.

“Last year was characterized by intense market competition as pension fund capital converged with traditional (re)insurance operations,” Kading added. “As for this year, the long anticipated consolidation among ABIR members began in early 2015 and the four completed or pending acquisitions will dramatically change the landscape of this underwriting report in 2015,” he concluded.

Source: Association of Bermuda Insurers and Reinsurers (ABIR)