NEWS RELEASE
For Immediate Release
Contact: John Huff

ABIR 2018 Global Underwriting Results Released 
Record Gross Written Premiums top $100 Billion

Hamilton, Bermuda (July 30, 2019) – The Association of Bermuda Insurers and Reinsurers (ABIR) today released the 2018 global underwriting results for its member (re)insurers reporting record, gross written premium exceeding $100 billion (US).

Twenty-one of the 23-member (re) insurers participated in this 2018 report. The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, North and South America. The 21 (re) insurers wrote $100.3 billion (US) in global gross written premium on a capital and surplus base of $120 billion. They reported net income of nearly $4.3 billion in their global businesses. The gross premium to equity ratio for the group was .83 to 1.

“High severity natural catastrophe losses in 2017 and followed on by 2018 wildfires, hurricanes, typhoons and tornados proved the value proposition of global markets and Bermuda re/insurers. Long known as a leader in natural catastrophe coverage, ABIR members are also leveraging capital, expertise and talent in cyber and specialty lines,” said John M. Huff, President and CEO of ABIR. “ABIR members are well-capitalized and reached a milestone in breaking $100 billion (US) in 2018 gross written premium.”

Note: Huff cautioned against making comparisons from this year’s underwriting report with previous years, noting that the association membership can vary annually along with the M&A activity in the industry.

Past reports are available on the ABIR website at www.ABIR.bm.

File:  ABIR member individual and aggregate results.

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR) represents Bermuda’s leading property and casualty insurers and reinsurers. Bermuda is the center of global expertise on underwriting for catastrophe risk transfer products and other specialty insurance and reinsurance. ABIR International insurers and reinsurers do business in more than 150 countries. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.