AIG’s Duperreault introduces fund to boost Bermuda
Bermuda’s re/insurance industry has established a fund to invest in the country's infrastructure, introduced by AIG CEO Brian Duperreault and supported by New Venture Holdings CEO Don Mackenzie and Arch Capital Group chief investment officer Preston Hutchings.
The Bermuda Infrastructure Fund will initially consider projects such as ports, docks, roads, bridges, industrial facilities and healthcare facilities, among others. The founding members of the fund include AIG, Arch, XL Catlin, AXIS, RenaissanceRe, Hamilton Insurance Group, Argus and BF&M.
Over the last few years, Duperreault, Mackenzie and Hutchings have raised almost $100 million towards Bermuda’s future. The formation of this fund follows Duperreault’s chairmanship of the Spending and Government Efficiency (SAGE) Commission when it became clear that investment in the Island’s infrastructure had more chance of becoming a reality if the private sector provided the financial impetus.
“Don, Preston and I are delighted to be able to announce the formation of this fund, which represents an investment in Bermuda by the insurance and reinsurance industry,” said Duperreault. “This has been a real team effort, driven by our shared belief in and commitment to Bermuda. It’s been my distinct pleasure to work with them on this project. I would be remiss in not giving Arch Capital Group a special mention, given their early and leadership commitment to this project.
Duperreault continued: “We’re particularly pleased that the companies supporting the fund are both local and international as it sends a clear signal that our entire sector wants Bermuda to succeed and prosper.
“As is the case in many countries, aging infrastructure is a threat to growth and development. Here in Bermuda, Government’s goal of establishing new industries like insurtech depends on a sound infrastructure being in place; the Bermuda Infrastructure Fund is a potent vehicle to help achieve this goal.”
Bermuda premier and minister of finance, David Burt, added: "The establishment of the Infrastructure Fund is a vote of confidence in Bermuda and in the cooperative approach to governance that this Government has taken. The fund is important for Bermuda on two fronts: it supports the modernization of Bermuda's aging infrastructure and will provide jobs for Bermudians in the months and years to come."
