ABIR Members Report $11.7 Billion Net Income

April 17, 2014

The Association of Bermuda Insurers and Reinsurers [ABIR] today [Apr 17] released the 2013 global underwriting results for its member re/insurers. Eighteen of 21 member re/insurers participated in this 2013 report.

The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, and North and South America.

The 18 re/insurers wrote $70.1 billion in global gross written premium [up from $66.4 billion in 2012] on a capital and surplus base of $95.4 billion [up from $95.2 billionin 2012].

The reported net income of nearly $11.7 billion was up from $9.4 billion in 2012. The gross premium to equity ratio for the group remained at .7 to 1.

“The $11.7 billion in net income demonstrated earnings power during a year characterized by low catastrophe losses. But this number was still below net income reported by the membership in 2009,” noted Bradley Kading, president and executive director of ABIR.

“ABIR members reported their largest group total equity base in the eight years in which data has been collected, even though the number of members reporting was reduced by one due to an acquisition completed in 2013,” Mr. Kading said.

“ABIR members have welcomed the interest of alternative capital providers including pension funds into the risk taking business and have focused in 2013 on expanding markets given the availability of new capital in taking on insurance and reinsurance risk.”

The ABIR member individual and aggregate results are below [PDF here]

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Comments (4)

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  1. Raymond Ray says:

    Keep up the good work O.B.A. by encouraging more ABRI members to the Island…

    • flikel says:

      Interesting response.

      Positive news is attributed to the OBA. Negative news is because of the past actions of the PLP.

      Let’s not forget that Bermuda experienced it’s highest ever GDP and ABIR members reported their highest ever profit levels under the PLP.

      But you would not give PLP any credit.

      • Franklin Jr says:

        The PLP should take credit for the relatively hard market and lack of loss activity during parts of their reign! EFB made the wind not blow and the earth stable. Stand strong!

  2. Take it Easy! says:

    @fickle your right! The problem is the PLP never saved a pretty dollar$ because the over bloated civi service, millions unaccounted for, and spending money like drunken sailors during a recession! Who in their right mind would do that? Does 1.5 billion ‘ring any bells’?