Bermuda $300bn life & annuity sector gained 11 re/insurers in 2018
Bermuda licensed 11 new life re/insurers by November 2018, with more expected in statistics for December and Q1 2019, according to statistics from the Bermuda Business Development Agency (BDA).
The long-term insurance and reinsurance sector in Bermuda comprises of companies with more than $300 billion in total assets.
Long-term re/insurance helps protect consumers from underfunded retirement years and unsupported dependents.
Bermuda International Long Term Insurers & Reinsurers (BILTIR) acts as an advocacy group for the sector, representing 58 members, 42 of which are licensed re/insurers and the remaining 16 are service providers.
BDA and BILTIR together will lead a delegation to the 13th annual ReFocus event, an event focused on the life re/insurance sector, in March 10-13 in Las Vegas.
“With Bermuda’s leadership position within this industry, it is paramount to have a strong presence at ReFocus to continue raising our profile and attracting further interest from prospective clients,” said Jereme Ramsay, business development manager for risk solutions at the BDA. “The content and audience offer a natural fit for Bermuda-based carriers and service providers, and we’re looking forward to attending and participating in that dialogue.”
ReFocus is co-hosted by the American Council of Life Insurers (ACLI) and the Society of Actuaries (SOA), and attracts over 700 attendees.
“The ReFocus conference has grown in attendance since its inception back in 2006, and we are on pace to expand even further,” said BILTIR senior advisor Ronnie Klein, a founder of ReFocus. “It seems only natural that a country with such a high concentration of insurance executives like Bermuda should have a strong presence at this event.”
Around 50 Bermuda-based industry specialists and services providers will be attending the 2019 conference. Some of the companies with a Bermuda presence that have senior executives going include Legal & General, Global Atlantic, Athene Re, Wilton Re and Hannover Re.
Industry topics on the ReFocus 2019 agenda include Brexit and global trade barriers, the opioid crisis, AI, blockchain and insurtech, uninsured gaps, and the impact of M&A trends.
