ABIR forum hails 25 years of progress

13-07-2018

Bermuda’s past and present insurance leaders, as well Government ministers, have spoken about the Island’s potential as a re/insurance market in the coming years at the 25th anniversary leadership forum of the Association of Bermuda Insurers and Reinsurers (ABIR).

 “We celebrated our 25 years of innovation, growth and leadership.  We look forward to the next leap forward in Bermuda’s risk management leadership,” said Kevin O’Donnell, chair of ABIR and president and chief executive officer (CEO) of RenaissanceRe Holdings.  “Bermuda reinvented the management of extreme event risk in liability and catastrophe markets. In the future, ABIR companies will continue to innovate to benefit insurance consumers and communities around the world, supported by Bermuda’s sophisticated regulator scheme, robust yet nimble governance framework, and the critical mass of diverse talent we have built here over this quarter century.”

“Bermuda is a leading global hub for commercial insurance and reinsurance,” noted John Huff, President and CEO of ABIR. “According to Bermuda Monetary Authority (BMA) research, ABIR members specifically and Bermuda’s broader insurance market generally has contributed more than a quarter of a trillion dollars in claim payments to US and EU consumers since 1998.  Insurance consumers benefit globally by our risk spreading diversification that makes insurance markets more competitive.”

Bermuda Premier, David Burt, commended ABIR on its anniversary—and its contribution to both Bermuda’s reputation overseas and its community at home since 1993.

“ABIR doesn’t just represent its companies’ interests in Bermuda, but it also represents their interests globally,” said Premier Burt. “So, when ABIR is representing its members’ interests in the United States, the United Kingdom, or Europe, it is also representing Bermuda, because our interests are intertwined. The government has an excellent working relationship with ABIR and we’ll continue to work with business leaders to make sure the Bermuda market remains the leading market for risk in the world.

“When you look at ABIR’s 25 years, and the contribution insurance has made to Bermuda’s economy—through employment, physical assets, taxes, philanthropy, education, scholarships and community work—it’s clear the member companies of ABIR have demonstrated their commitment to assisting in Bermuda’s development. Without a doubt, ABIR companies are the cornerstone of Bermuda’s economy.  It is the government’s hope that collaboration, that partnership, will continue for many years to come.” 

In addition to the remarks by Premier Burt, whose administration is leading developments in Bermuda’s embrace of a regulatory framework for digital assets and financial technology, the event closed with remarks by former Premier Sir John Swan, whose administration presided over the development of Bermuda’s commercial insurance and reinsurance sector in the 1990’s.

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