BILTIR celebrates its decennial anniversary
Bermuda International Long Term Insurers and Reinsurers (BILTIR) is ten years old.
BILTIR was set up in June 2011 to advocate for Bermuda’s long-term sector industry, which it does via four committees covering tax, regulatory/legal, capital and financial reporting.
It started with five member companies - Athene Life Re, Transamerica Life Re, Aurigen Re, Front Street Re, and Wilton Re Bermuda, with its first job being to work with the Bermuda Monetary Authority (BMA) to help its members achieve Solvency II equivalence with the European Union.
Since then, BILTIR has grown significantly, and now represents 61 long-term re/insurance and servicing companies, employing more than 600 people on the island, of whom 60 percent are Bermudian.
The industry has also grown significantly in that time. When BILTIR launched assets under management (AUM) in the long-term sector were $157 billion, a figure that had grown to $544 billion by 2019. The BMA expects the figure to be $607 billion for 2020. BILTIR member companies manage the vast majority of these assets.
David Burt, the Premier of Bermuda, thanked BILTIR for its commitment to Bermuda and “its significant contributions to our economy, public education, and the third sector.”
Sylvia Oliveira, BILTIR’s chair, said: “BILTIR has played an integral role in supporting the growth of Bermuda’s long-term insurance sector over the past decade. In addition to advocating for our members on regulatory and tax matters, BILTIR has also focused on educational initiatives within the local community, including scholarships and internships. As the name implies, our sector is here for the ‘long term’, and we look forward to continuing to support Bermuda’s long-term sector for decades to come.”
Frank ‘Chip’ Gillis, BILTIR’s first chair, said: “When we started BILTIR it was driven by encouragement from the BMA for a central voice to represent the life and annuity sector to collaborate over regulatory enhancements. The outcome is a reflection of great leadership, attracting stronger innovative professionals, all to serve the growing needs of a global market. Our growth is impressive, but the best is yet to come.”
Marc Grandisson, chair of the Association of Bermuda Insurers and Reinsurers (ABIR), said: “Bermuda is an internationally recognised center of global expertise on underwriting for catastrophe, climate, cyber and mortgage risk, along with other specialty insurance and reinsurance. Congratulations to BILTIR on its efforts to build out the jurisdiction for life and annuity companies.”
Patrick Tannock, chair of the Association of Bermuda International Companies (ABIC), praised BILTIR for “providing hundreds of jobs and supporting education programmes and the career aspirations of our young people.”
Stephen Weinstein, chair of the Bermuda Business Development Association (BDA), said: “The long-term sector is a successful and growing part of Bermuda’s thriving international business landscape, supported by and reinforcing Bermuda’s deep, diverse pool of human capital; sophisticated, fit for purpose regulatory regime, and unsurpassed access to key global markets.”
