Bermuda Insurers File Opposition to American Bill
The Association of Bermuda Insurers and Reinsurers [ABIR] has filed an opposition to a proposed new American regulation now in Congress.
The Bill HR 2555: Homeowners’ Defense Act of 2009 is described as “To ensure the availability and affordability of homeowners’ insurance coverage for catastrophic events”.
The ABIR President penned a letter to two US Congressmen; Barney Frank [D-Mass], the Chairman of the House Committee on Financial Services and Rep. Spencer Bachus [R-Ala], the ranking minority member of the Committee.
ABIR President, Bradley L. Kading, detailed why the organization opposes the Bill:
The effect of HR 2555 would be to force US taxpayers countrywide to subsidize the insurance costs of state catastrophe funds in those states most exposed to hurricanes and earthquakes.
Mr. Kading also noted that 17 of the 23 ABIR members have American subsidiary insurance companies which provide almost 16,000 jobs in the United States.
The ABIR members represent the core elements of Bermuda’s international business segment which most consider to be the key driver of Bermuda’s economy. They provide about 30% of Bermuda’s GDP.
Listed members are; ACE, Allied World, Ariel, Arch, Argo Group Int’l Holdings Ltd, Assured Guaranty, AXIS, Aspen, Catlin, Endurance, Flagstone, Harbor Point, Hardy Underwriting Bermuda Limited, Hiscox, Lancashire, Max Capital Group, Montpelier, PartnerRe, Platinum, RenaissanceRe, Torus Insurance, Validus Re, XL
For further information see Insurancejournal.com, or Smartersafer.org.
