Hannover Re and Awbury Insurance have become members of the Association of Bermuda Insurers & Reinsurers (ABIR).
The two groups were welcomed to ABIR as part of its first virtual board meeting, which was attended by more than 50 executives from member companies via a web-enabled meeting.
Meanwhile, Albert Benchimol, president and CEO of AXIS Capital and chair of ABIR, said the re/insurance industry was particularly well placed to understand the importance of flattening the curve. He noted the speed with which the association had transitioned to remote working protocols in response to the coronavirus pandemic.
“The industry’s rapid response demonstrates that technology is enabling business continuity in Bermuda – as it does around the world,” Benchimol said. “Our industry has been quick to initiate remote working protocols that support the leading medical advice in controlling the spread of the virus. Remote work reinforces the wisdom of social distancing, which is critical for Bermuda right now.”
The safety and well-being of ABIR team members, clients, stakeholders and the Bermuda community is the number-one priority, he added. ABIR members have enacted precautionary policies to reduce or eliminate non-essential travel and adopted new health and safety policies for staff, who have returned from traveling.
John Huff, president and CEO of ABIR, said the re/insurance industry excels in time of disruption and catastrophes, while Bermuda remains well capitalised. “The industry has a proven track record of responding successfully during critical moments in history and we will continue to do so as the world faces and recovers from the COVID-19 pandemic,” he said.
Hannover Re, Awbury Insurance, Association of Bermuda Insurers & Reinsurers, ABIR, John Huff, Albert Benchimol