Association of Bermuda Insurers and Reinsurers: 25 years young
A special half-day forum bringing together distinguished past leaders, with current chief executives, of Bermuda’s global insurance market will be held to mark the 25th anniversary of the Association of Bermuda Insurers and Reinsurers (ABIR) in July 2018.
The quarter-century milestone event, scheduled to take place on 10 July 2018 at Rosewood Bermuda, will include thought-provoking industry discussions, followed by a reception. The Premier of Bermuda and Minister of Finance, the Hon. E. David Burt, JP, MP, will open the forum, and former premier of Bermuda Sir John Swan will offer closing remarks.
“We’re inviting industry partners and stakeholders to join us in this special event to highlight Bermuda’s resilience and evolution as the world’s premier destination for all forms of financial capital and insurable risk,” said John Huff, ABIR President and CEO. “ABIR was established in 1993 on the heels of Hurricane Andrew, whose aftermath saw the creation of the first wave of property catastrophe (re)insurers in Bermuda. This Class of ’93 property catastrophe (re)insurers helped to further build upon the vitally important Bermuda (re)insurance hub, which supports consumers and rebuilds communities after the world’s worst disasters.”
The anniversary event, to run 2:30–7:30pm, will feature industry leaders in three panel discussions: Bermuda’s Future as a Centre of Risk Capital Management; Lessons Learned in the First 25 Years; and Leadership in Catastrophe Risk Management. A reception will conclude the program. Speakers will include ABIR leaders, public-policy leaders and industry and regulatory executives.
“Over the past 25 years, the Bermuda market has achieved exponential growth and recognition for its global contributions in the wake of major catastrophe losses—and ABIR has been there every step of the way,” said Kevin O’Donnell, President and CEO of RenaissanceRe Holdings Ltd. and current Chair of ABIR. “With ABIR helping ensure markets worldwide can access Bermuda’s expertise and capital, since 1997 Bermuda reinsurers have paid more than $200 billion to US customers alone, including 10 percent of the World Trade Center attack claims, a third of liabilities incurred during 2005’s devastating hurricanes, and approximately 30 percent of losses from Hurricanes Harvey, Irma and Maria in 2017.
“Moreover, ABIR members also form the core of the Bermuda insurance sector, one of the pillars of Bermuda’s economy: ABIR firms contribute approximately $900 million annually to the local economy and directly employ over 1,500 professionals on the island. Our 25th-anniversary event will recognize all those past achievements and explore the industry’s exciting future.”