Bermuda’s insurance and reinsurance industry has galvanised to raise almost $100 million for the creation of the Bermuda Infrastructure Fund.
The fund is the brainchild of AIG Chief Executive Officer (CEO) Brian Duperreault, supported by New Venture Holdings CEO Don Mackenzie and Arch Capital Group Chief Investment Officer (CIO), Preston Hutchings. Over the course of a few years the trio have advocated on behalf of Bermuda’s future through meetings with industry leaders, resulting in significant investment.
The fund’s formation came following Duperreault’s chairmanship of the Spending and Government Efficiency (SAGE) Commision, when it was realised that investment in the Island’s infrastructure was more likely if the private sector provided the financial catalyst.
Founding members include: AIG, Arch, XL Catlin, AXIS, RenaissanceRe, Hamilton Insurance Group, Argus and BF&M. Initially, the fund will consider projects including ports, docks, roads, bridges, industrial facilities and healthcare facilities.
Commenting on the announcement, Duperreault said, “Don, Preston and I are delighted to be able to announce the formation of this fund, which represents an investment in Bermuda by the insurance and reinsurance industry. This has been a real team effort, driven by our shared belief in and commitment to Bermuda. It’s been my distinct pleasure to work with them on this project. I would be remiss in not giving Arch Capital Group a special mention, given their early and leadership commitment to this project.”
“We’re particularly pleased that the companies supporting the fund are both local and international as it sends a clear signal that our entire sector wants Bermuda to succeed and prosper.”
“As is the case in many countries, aging infrastructure is a threat to growth and development. Here in Bermuda, Government’s goal of establishing new industries like insurtech depends on a sound infrastructure being in place; the Bermuda Infrastructure Fund is a potent vehicle to help achieve this goal.”
The Hon. David Burt, JP, MP, Premier and Minister of Finance added, “The establishment of the Infrastructure Fund is a vote of confidence in Bermuda and in the cooperative approach to governance that this Government has taken. The Fund is important for Bermuda on two fronts: it supports the modernization of Bermuda’s aging infrastructure and will provide jobs for Bermudians in the months and years to come.”
