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ABIR CY 2014 Global Underwriting Results

ABIR CY 2014 Global Underwriting Results

Press Releases

Capital Grows Due to Favorable Loss Experience; Consolidation Underway in 2015

ABIR Press Release 
For Immediate Release 

ABIR CY 2014 Global Underwriting Results
Capital Grows Due to Favorable Loss Experience; Consolidation Underway in 2015

Hamilton, Bermuda (April 3, 2015) – The Association of Bermuda Insurers and Reinsurers (ABIR) today released the 2014 global underwriting results for its member (re)insurers. Nineteen of 21 member (re)insurers participated in this 2014 report. 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.

“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,” noted Bradley Kading, president and executive director of ABIR.

“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 noted. “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,” Kading noted.

Attached File: ABIR member individual and aggregate results

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About ABIR: The Association of Bermuda Insurers and Reinsurers (ABIR) represents 21 international insurers and reinsurers which have underwriting operations in Bermuda and around the world. They are important providers of commercial insurance and reinsurance and their international scope makes global markets more competitive. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.

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