23 December 2020News

ABIR unveils new members Aeolus, Ariel Re and Fortitude Re

The Association of Bermuda Insurers and Reinsurers (ABIR) has unveiled three new members for 2021 and boosted its board with leaders from those reinsurers.

Aeolus Capital Management, Ariel Re and Fortitude Re will all join ABIR for 2021; the CEOs of all three (Andrew Bernstein, Ryan Mather and James Bracken respectively) will also join the body’s board.

Aeolus Capital Management manages capital on behalf of investors seeking the risk adjusted returns and diversification benefits available from investing the property catastrophe reinsurance and retrocession market.

Ariel Re transacts a broad array of reinsurance business through offices in Bermuda, London and Hong Kong. Originally founded in 2005, Ariel Re was recently acquired by Pelican Ventures and JC Flowers in November 2020.

Fortitude Re is a large, independent multi-line provider of run-off management solutions backed by a consortium of long-term oriented institutional investors led by The Carlyle Group and T&D Insurance Group.

“I am pleased to welcome Bermuda international risk transfer leaders Aeolus, Ariel Re and Fortitude Re to ABIR,” said Albert Benchimol, chairman of ABIR and president & CEO of AXIS Capital. “Through ABIR, Bermuda’s leading insurers and reinsurers collectively represent the industry at home and abroad and these leading international companies help build upon the important public policy, advocacy and education work ahead for 2021.”

John Huff, CEO of ABIR, added: “The Bermuda re/insurance market capacity, capital and talent are critical to the international challenges of 2021. ABIR is pleased to be joined by these global leaders. Advancing the ABIR value-proposition has never been more important as are member companies offer global, well-regulated capital management tools, protection and peace-of-mind to consumers and businesses in over 150 countries.”