Gross premiums written by members of the Association of Bermuda Insurers and Reinsurers (ABIR) exceeded US $100 billion, according to data on the group’s 2018 global underwriting results.
ABIR reported on 21 of its 23 member companies, who write insurance and reinsurance business from underwriting centres across Bermuda, Europe, Asia, and North and South America.
Collectively, these re/insurers wrote $100.3 billion in global gross written premium on a capital and surplus base of $120 billion.
ABIR members also reported net income of nearly $4.3 billion in their global businesses, while the gross premium to equity ratio for the group was .83 to 1.
Chubb had by far the largest result out of the ABIR members, recording gross premiums written at $37.97 billion.
This was followed by XL Bermuda at $16.27 billion, then Arch Capital Group at $6.96 billion, AXIS Capital Holdings at $6.91 billion and PartnerRe at $6.30 billion.
John M. Huff, President and CEO of ABIR, commented on the report: “High severity natural catastrophe losses in 2017 and followed on by 2018 wildfires, hurricanes, typhoons and tornados proved the value proposition of global markets and Bermuda re/insurers.
“Long known as a leader in natural catastrophe coverage, ABIR members are also leveraging capital, expertise and talent in cyber and specialty lines,” he continued.
“ABIR members are well-capitalized and reached a milestone in breaking $100 billion (US) in 2018 gross written premium.”
