Hamilton, Bermuda (September 3, 2024) — Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR; the Group) recorded a strong 18% year-over-year increase in premium written in 2023. ABIR’s global underwriting report, released today, comprises data from 25 of 31 member re/insurers for the calendar year 2023. The Group generated gross written premium of over $171 billion, up from $145 billion in 2022. In 2023, the Group’s total equity increased to $164 billion from $117.6 billion in 2022.

The participating companies write insurance and reinsurance from underwriting centers in Bermuda, the United Kingdom, Europe, Asia, North and South America. ABIR members reported net income of $32.3 billion, up from $5.1 billion in 2022, largely a result of an improved claims environment. ABIR analysis indicates 92% of gross written premium is attributed to publicly traded member companies.

The Bermuda market continues to diversify into growing specialty lines including cyber, mortgage, political and terrorism risk, transactional liability and financial lines coverage, building on the Bermuda market’s historic global dominance in property coverage.

The global underwriting report results were impacted by the acquisition of Validus by RenaissanceRe, and by the addition of Sompo International as an ABIR member in 2023.

IFRS 17 has been adopted as the reporting standard by a number of ABIR members and, as such, the report has been split into two tables to more accurately reflect the differences in the reporting standards. One table includes members who report on U.S. GAAP, IFRS or Bermuda SAP basis, and the new second table contains the results for members that report on an IFRS 17 basis. Splitting the reports was necessary due to the differences in the accounting bases and reporting items for IFRS 17 filers. For these reasons, the current reported results are not directly comparable to the report from the prior year.

ABIR’s underwriting data release comes days after a report by AM Best, a global credit ratings agency, also highlighted the Bermuda market’s strength and growth, pointing out the island’s key role in an estimated 14% growth in global reinsurance capital in 2023.

Under the heading, “Traditional reinsurance capital grows as Bermuda thrives”, AM Best noted that “the bulk of capital growth was generated in Bermuda in 2023”, driven by the Group’s “robust operating returns”. The AM Best Bermuda Reinsurers Composite reported shareholders’ equity growth of 33.7% on a 23% average return on equity in 2023. AM Best noted that “Bermudian reinsurers on average outperformed all other segments of the global reinsurance market”.

A significant Bermuda contingent is preparing to attend the Rendez-Vous de Septembre, an annual gathering of the global reinsurance industry in Monte Carlo, from September 7-11. The event traditionally marks the start of discussions between all industry players ahead of January reinsurance contract renewals.

Pina Albo, Chair of ABIR and CEO, Hamilton, said: “The results of ABIR’s global underwriting report reflect strong and growing global demand for the risk-transfer expertise and robust capital base of ABIR member companies. Bermuda’s enduring relevance as a global re/insurance hub is testament to its world-class industry talent, innovative culture and internationally recognised regulator, unique attributes that enable the Bermuda market to deliver solutions to large and complex risks, with unparalleled speed to market.”

John M. Huff, CEO of ABIR, said: “ABIR is pleased to include Sompo International in its results for this year. The overall results demonstrate that Bermuda’s leading insurers and reinsurers continue to play a critical role in providing capital and capacity, innovative solutions for customers, and peace of mind for consumers around the world.”

View the full report at: https://business.abir.bm/resources.

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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