Association of Bermuda Insurers and Reinsurers (ABIR) News

Assoc. of Bermuda Insurers and Reinsurers Elects Arch Capital’s Grandisson as Chair

The Association of Bermuda Insurers and Reinsurers (ABIR) announced its biennial election of officers for 2021-2022. New ABIR officers elected to Bermuda’s leading international insurers and reinsurers industry association are: Chair Marc Grandisson, CEO of Arch Capital Group Ltd. Deputy …

Members of Assn. of Bermuda Insurers & Reinsurers Provide $840M to Local Economy

Members of the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economic contribution to Bermuda of more than $840 million in 2017, according to the group’s 13th annual member survey results. Data reported for calendar year 2017 from …

Ex-NAIC Head Huff Succeeds Kading at Association of Bermuda Insurers & Reinsurers

An ex-chief insurance regulator for Missouri will take over the Association of Bermuda Insurers and Reinsurers starting in January 2018. John Huff, the immediate past president of the National Association of Insurance Commissioners, is succeeding Brad Kading, who is retiring …

Bermuda Market Associations Allay Fears of Brexit Contagion

Four leaders of Bermuda market groups quickly issued statements last week to allay any fears that the fallout from the UK’s Brexit vote would hit their market as well. “In a global economy, Bermuda is affected, like other nations, by …

ABIR Elects O’Donnell, Duperreault to Chair Posts

The Association of Bermuda Insurers and Reinsurers (ABIR) announced that following the results of a special election to fill a vacancy, Kevin O’Donnell, President and CEO of RenaissanceRe Holdings Ltd., was elected First Deputy Chair and Brian Duperreault, Hamilton Insurance …

ABIR Head Lauds Brazil Decision to Phase out Local Reinsurance Mandates

In a speech delivered before the Brazilian Center for International Relations (CEBRI), Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR), praised the Brazilian government’s recent announcement to phase out mandates on local reinsurance …

Bermuda Adopts Solvency II ‘Equivalency’ Measures for ‘Open Insurance Markets’

A bulletin from Bermuda notes that the island’s parliament took regulatory action this week to align its regulatory insurance procedures, which it hopes will lead to “recognition by the European Commission as being fully equivalent under the insurance prudential regulatory …

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 …

Best Sees Minimal Rating Impact from Tax Changes on Reinsurance

A.M. Best has weighed into the ongoing debate over whether or not the ability of “foreign” reinsurers to avoid significant amounts of U.S. taxes by transferring reinsurance premiums paid to foreign affiliates by domestic insurers. In a proposed budget, released …

ABIR Members Report 99% Insurance Contract Certainty Results

The 15 participating members of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a record high contract certainty rate for insurance contracts at 99.0 percent. The year end 2013 results also showed a strong result for reinsurance contracts at …