Hamilton, Bermuda (February 18, 2025) — The Association of Bermuda Insurers and Reinsurers (ABIR) has launched a new social media-focused campaign to broaden community awareness of its member companies’ commitment and value to Bermuda.

Themed “Insuring Bermuda’s Future”, the campaign features a short, animated video that illustrates how the island’s leading international re/insurers drive Bermuda’s economic growth, through local employment, tax contributions, on-island spending with local businesses, and their support of educational opportunities and charities.

In 2023, ABIR companies’ economic contribution to Bermuda exceeded $1 billion for the first time in the group’s 31-year history, a point that is explained in a visual and intuitive format.

The video touches on how ABIR members are the island’s largest private-sector employers, with 70% of the group’s 2,140 full-time roles held by Bermudians, their spouses, or permanent resident’s certificate holders (PRCs).

Drawing on details from ABIR’s 2023 Economic Substance Survey, the animation also describes how the re/insurance sector supports local industries including real estate, construction and hospitality, detailing statistics such as the $3 million spent on restaurants, $2.3 million on hotels, $2.3 million on catering and $800,000 on taxis.

A series of slides posted on various platforms over the coming weeks will further tell the story of the re/insurance sector’s positive and enduring impact on Bermuda.

One post will focus on Corporate Income Tax (CIT), which took effect this year. ABIR members are expected to be the largest contributors of CIT revenue, and the post refers to the potential for challenges ahead, and opportunities to invest in the island and build a strong future for generations to come.

Another slide touches on ABIR’s investments in the community and ongoing commitment to building a strong pipeline of local talent, including $7 million donated to local charities, $1.17 million in scholarships and the record number of 108 paid internships in 2024.

Mark Cloutier, ABIR Chair and Executive Chair of Aspen Insurance Group, said: “ABIR members are proud that Bermuda’s re/insurance industry has been the driving force behind our local economy for more than 30 years, but many people may not realise just how far the impact reaches.

Every dollar spent on island by ABIR members circulates through the Bermudian economy multiple times, in a chain reaction that creates jobs, supports businesses and public services, and spurs economic growth in excess of the initial expenditure, empowering this community.”

John Huff, CEO of ABIR, said: “We hope this campaign will raise awareness that the impact of ABIR’s economic contributions goes far beyond our industry and benefits Bermudians at all levels. Our members find solutions for managing the world’s largest and most complex risks, but we also understand our role in ‘insuring Bermuda’s future’.”

The animated video can be viewed by clicking on this link: https://youtu.be/nh2z5CRxWng?si=8ZqZAjVQqSb3_xNe

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers operating in 150 countries, was founded in 1993. For over 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. Follow us on Twitter @ABIR_Bermuda.