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ABIR members lead Bermuda economy

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ABIR members contribute over $814 million to Bermuda economy in 2018; Bermudian salaries highest in 14-year survey; percentage of Bermudians in ABIR member workforce at record high of over 74%

For Immediate Release
Contact: John Huff

ABIR members lead Bermuda economy

ABIR members contribute over $814 million to Bermuda economy in 2018; Bermudian salaries highest in 14-year survey; percentage of Bermudians in ABIR member workforce at record high of over 74%

Hamilton, Bermuda (October 3, 2019) — Members of the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economic substance contribution to Bermuda of nearly $815 million last year, according to the group’s 14th annual member survey results released today.

Data reported for calendar year 2018 from 24 ABIR members showed the group’s aggregate direct economic impact to the Bermuda economy was $814.8 million, including travel, business, charity giving, construction expenses and compensation paid to Bermuda-based employees.

“ABIR members continue to be the leading contributor of economic activity in Bermuda,” said Albert Benchimol, President and CEO of Axis Capital and current chair of ABIR. “ABIR members have proudly invested in training and development and the results are clear – they are reporting the highest share of Bermudian team members at their companies in the history of our 14-year survey, with record median salaries for Bermudians.”

Highlights of the 2018 survey results showed ABIR members contributed:

  • $637 million in payroll to Bermuda-based employees
  • $6.5 million in charitable contributions
  • $93.4 million on construction, real estate, housing, and office space in Bermuda
  • $59.3 million on legal, accounting, actuarial, temporary services and other consulting services
  • $18.7 million on hotels, airfare, restaurants, taxis and catering

*Results include 13 years (2006-2018) of salary & benefits

ABIR members employed 1,530 full-time staff in Bermuda (up 35 people from 2017), of which 1,135 were Bermudians, spouses of Bermudians, or permanent residence certificate holders (PRCs)—an increase of 4.4% since 2017. Now at over 74%, the percentage of Bermudians employed in ABIR members’ Bermuda operations is at the highest since 2009.

Notably, the median annual salary and benefits paid to Bermudians by ABIR member companies now tops $184,400—the highest since this metric was established in 2007.

ABIR members continue to invest in a vibrant local workforce and provided 57 internships to Bermudians in 2018. Educational scholarships in Bermuda by ABIR members increased in value by 40% from 2017, to $1,595,400, the highest amount since 2012. Five ABIR members offered graduate training programs for Bermudian employees and half have established internships; members also reported other training and development opportunities available, such as tuition reimbursement and leadership training.

All ABIR members have licensed operating companies in Bermuda, and more than 58% have an ultimate holding company in Bermuda. Outside Bermuda, ABIR members reported the top five locations for their global operations were: United Kingdom, United States, Switzerland, Ireland and Luxembourg.

“ABIR members are proud of their investment -- economic substance -- in Bermuda’s economy. Bermuda is a world-respected platform for global business that welcomes top-quality corporate brands, said John M. Huff, ABIR Chief Executive. “As a global underwriting center, ABIR member companies are committed to delivering economic substance in Bermuda.”

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR) represents the public-policy interests of Bermuda’s international insurers and reinsurers that protect consumers around the world. With headquarters and operations in Bermuda and with operating subsidiaries in the United States and Europe, these carriers do business in more than 150 countries. Bermuda is the center of global expertise on underwriting for catastrophe risk transfer products and other specialty insurance and reinsurance. For more information, please visit: Follow us on Twitter @ABIR_Bermuda.

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