Brit Re Joins ABIR, Stephenson Joins Board
The Association of Bermuda Insurers and Reinsurers [ABIR] has welcomed Brit Re as a new member, with Jonathan Stephenson appointed to the ABIR board of directors.
A spokesperson said, “The Association of Bermuda Insurers and Reinsurers [ABIR] is pleased to welcome Brit Re, the Bermuda-based reinsurance platform of Brit Ltd. [Brit], as a new member. Jonathan Stephenson, Head of Office, Bermuda, for Brit, has been appointed to the ABIR board of directors.
“ABIR, which has represented the public policy interests of Bermuda’s leading international re/insurers for 32 years, now has a record high 34 member carriers, as well as three intermediaries in its Broker Advisory Cabinet.
“Brit Re is part of Brit, a leading global provider of insurance and reinsurance, owned by Fairfax Financial Holdings Ltd. Brit is headquartered in the UK with offices in London and Bermuda.
“A full-service reinsurance platform, Brit Re redomiciled to Bermuda in 2017 and holds a financial strength rating of ‘A’ [Excellent] from A.M. Best. In 2024, Brit announced its strategic plan to significantly grow its property, casualty and specialty reinsurance footprint in Bermuda and has recruited industry-leading talent to drive the expansion.
“Jonathan Stephenson joined Brit Re last September. Prior to joining Brit, Stephenson was a Managing Director at Guy Carpenter, based in Toronto. During his more than 30-year reinsurance career, his leadership roles have included Pacific Region CEO for Guy Carpenter and an Executive Vice President at Aon.
“Also last year, Jacques Bonneau, formerly CEO of PartnerRe, was appointed to the board of Brit Re as a Non-Executive Director. A seasoned reinsurance leader who is based in Bermuda, Bonneau’s career has also included several senior executive roles at Chubb and he was also a senior adviser to the Bermuda Monetary Authority.”
Mark Cloutier, ABIR Chair and Executive Chair of Aspen Insurance Group, said, “We are pleased to welcome Brit Re, an active participant in the Bermuda re/insurance market for more than a decade, as a new member of ABIR. With his deep industry insight and experience, Jonathan will be a valuable addition to the ABIR board.”
Jonathan Stephenson, Head of Office, Brit Re, said, “Building out our team at Brit Re to capitalise on the opportunities in Bermuda’s vibrant, multiclass reinsurance market is a priority for us. Brit Re is a significant growth pillar for Brit and we aim to create a meaningful, long-term presence in Bermuda.
“As we continue to grow our business and build out our Bermuda footprint, we are proud to join ABIR, an organisation that has done so much to build the global reputation of this thriving marketplace as a leading risk management hub.”
John Huff, CEO of ABIR, said, “Brit Re’s expansion plans in Bermuda are good news for the island and for the market. We’re pleased to welcome Brit Re to ABIR.
“ABIR’s member companies lead the world in assembling the capital and expertise needed to address the world’s most complex and evolving risks — from natural catastrophes and climate change to cyber threats, mortgage, specialty, and legacy risks.”
The spokesperson said, “ABIR member companies also lead the Bermuda economy. The group made an aggregate, direct economic contribution of more than $1 billion in 2023, according to ABIR’s 19th annual Economic Substance Survey and are also Bermuda’s largest private-sector employer with 2,140 full-time employees on the island, of whom 1,441 are Bermudians, spouses of Bermudians, or permanent resident certificate holders [PRCs].”
