Hamilton, Bermuda (July 18, 2024) — The Association of Bermuda Insurers and Reinsurers (ABIR) hosted leaders from the National Association of Insurance Commissioners (NAIC), the US standard setting and regulatory support body governed by chief insurance regulators from all 50 states, for discussions on market trends and matters of mutual interest. 

Executives from ABIR member companies spoke with visiting regulators Andrew Mais, NAIC President and Connecticut Insurance Department Commissioner; Jon Godfread, NAIC President-Elect and North Dakota Insurance Department Commissioner; and Eric Dunning, NAIC International Insurance Relations (G) Committee Chair and Nebraska Department of Insurance Director. 

The leadership dialogue covered market topics including climate risk, cyber risk, specialty re/insurance and re/insurers’ capacity. Since 1997, Bermuda-based re/insurers have paid out more than half a trillion dollars to American policyholders and cedents, including funds that have helped communities and businesses recover after natural disasters. 

John Huff, ABIR CEO, a past president of the NAIC and former Missouri Department of Insurance Director, said: “We were pleased to welcome our guests from the NAIC. The open dialogue we enjoy with these regulatory leaders helps to maintain the long-established and successful relationship between the Bermuda re/insurance market and our largest trading partner, the United States.”

John Huff, ABIR CEO, a past president of the NAIC and former Missouri Department of Insurance Director, said: “We were pleased to welcome our guests from the NAIC. The open dialogue we enjoy with these regulatory leaders helps to maintain the long-established and successful relationship between the Bermuda re/insurance market and our largest trading partner, the United States.” 

During last week’s visit, the NAIC delegation also held its annual meeting with leaders of financial regulator the Bermuda Monetary Authority. Bermuda holds Qualified Jurisdiction and Reciprocal Jurisdiction status granted by the NAIC, allowing efficient access to US insurance markets for Bermudadomiciled re/insurers and strengthening the island’s position as the World’s Risk Capital.

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit www.abir.bm or follow us on X @ABIR_Bermuda