The Bermuda International Long Term Insurers and Reinsurers (BILTIR) association, which represents Bermuda’s long-term insurance companies and reinsurance firms who provide life and annuity solutions, saw its membership grow by 11% in 2019.
The number of companies joining BILTIR increased from 55 to 61 in 2019, and includes five reinsurers and one service provider.
The reinsurance companies that joined the association in 2019 include Fortitude Reinsurance, Gibraltar Reinsurance, Oceanview Reinsurance, Sagicor Reinsurance Bermuda, and 777 Reinsurance. The service provider that joined was Artex Risk Solutions.
At the end of 2018, assets managed by the long-term industry in the region increased to almost $500 billion, a large majority of which are controlled by BILTIR members, states the association. Member companies of BILTIR employ 540 individuals on the island, and contribute more than $200 million in direct expenditure in Bermuda each year.
BILTIR Executive Director, Ronnie 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.
“While BILTIR is extremely happy with acquiring six new members in 2019, it is even more pleased with the increased engagement by all of our members. In 2020, we fully expect BILTIR’s growth to continue with at least two companies already committed to joining our organisation.
“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.”
