BILTIR membership up 11% in 2019

Membership of the Bermuda International Long Term Insurers and Reinsurers (BILTIR), the association representing the long-term insurers and reinsurers in Bermuda, grew by 11 percent in 2019.

BILTIR membership grew from 55 to 61 this year. That included five reinsurance companies - Fortitude Reinsurance, Gibraltar Reinsurance, Oceanview Reinsurance, Sagicor Reinsurance Bermuda, and 777 Reinsurance – and one service provider - Artex Risk Solutions.

At least two companies have already committed to joining BILTIR in 2020, said Ronnie Klein, the association’s executive director, who predicted another strong year to come. “With the strong leadership of our Board, dedication of our staff, engagement by our members and cooperation from our sister organizations, regulator and government, BILTIR will continue to grow and serve the long-term insurance and reinsurance industry in Bermuda,” he said.

Assets managed by the long-term industry in Bermuda grew to nearly $500 billion at the end of 2018, most of which are controlled by BILTIR members. Its members employ 540 people on the island, contributing more than $200 million in direct expenditure in Bermuda annually.

Klein said: “The long-term insurance and reinsurance industry continues to be a major growth engine for Bermuda, both by number of companies and by assets managed.”