The Association of Bermuda Insurers and Reinsurers (ABIR) represents the public policy interests of Bermuda’s international insurers and reinsurers that protect consumers around the world. With headquarters and operations in Bermuda and with operating subsidiaries in the United States, United Kingdom and Europe, these carriers do business in more than 150 countries.
Since 1993, ABIR’s advocacy and achievements have helped raise the global profile of Bermuda as a whole, underscoring the jurisdiction’s reputation as a top-tier international financial center. Strategically deploying capital to underwrite and manage global risk for over 30 years, Bermuda insurers have built what can only be called the World’s Risk Capital - a reference to the innovation, entrepreneurialism and leadership of Bermuda re/insurers and the Bermuda government that has fostered the growth of this industry. Energized by innovation and fueled by grit and determination after Hurricane Andrew, risk pioneers in Bermuda planted the seeds for an insurance market that would ultimately be known globally for its reliable, responsible, highly-regulated and well-resourced approach to risk management. These pioneers joined forces as a collective voice by forming the ABIR.
The results have been remarkable. ABIR member companies have built a market with international dominance in natural disaster coverage—the most basic of insurance needs for consumers—plus innovative approaches to provide re/insurance protection for nearly every other defined risk. In a relatively short period of time and with unparalleled scale, Bermuda’s insurers and reinsurers have supported US and EU consumers with over a quarter of a trillion dollars to rebuild after devastating losses. In the past 20 years alone, Bermuda continues to show it is the place to deploy capital against risk in a manner that is effective and efficient with speed-to-market motivation and innovation while meeting the future needs for next-generation risk transfer products.
ABIR members are global organizations that include a Bermuda platform. ABIR partners with organizations such as the Global Federation of Insurance Associations (GFIA) and the Insurance Development Forum (IDF), working together on cohesive objectives to ensure the best possible outcome for the ABIR membership, and the Bermuda jurisdiction as a whole.
Operating in over 150 countries, Bermuda’s leading insurers & reinsurers understand the value-proposition of seizing opportunities to serve clients while ensuring sustainable, responsible growth and relevance. Ensuring insurance products remain affordable and accessible for consumers in emerging and developed markets solidifies Bermuda’s position as the World’s Risk Capital.
What is reinsurance?
When disaster strikes, the public face of recovery is often insurance companies. Backing up these companies are reinsurers.
Like their customers, insurance companies buy insurance to manage their risk. To keep prices competitive, protect their capital, expand their coverage capacity, and keep the market stable, insurance companies share their risk with reinsurance companies. Reinsurance works to keep insurance premiums low by allowing more insurers to compete in markets. By absorbing risk around the world, reinsurers spread and diversify risk so that insurers don’t become over exposed. This means consumers get more insurance choices at lower prices.
ABIR’s members employ more than 106,000 people around the globe including over:
- 43,500 employees in the US;
- 31,000 in Asia and Oceania;
- 11,300 employees in the UK;
- 8,700 in Europe; and
- Nearly 1,500 employees in Bermuda.
Education & Training
ABIR looks for opportunities to educate students, future employees, policymakers and others about our industry and the contributions that insurance and reinsurance make to both the local and global economy. ABIR actively supports and participates in the Bermuda Careers Fair for local high school students and writes and produces educational materials that links school subjects directly with job career paths in our industry. Additionally, ABIR supports the educational and training initiatives of both the Bermuda Insurance Institute and the Bermuda Foundation for Insurance Studies by hosting student interns for lectures and presentations on various topics related to our industry. Finally, ABIR also presents to visiting risk management undergraduate and graduate students from overseas universities such as the University of Georgia Terry College of Business and the University of Hartford as well as reinsurance educational programs developed by the Reinsurance Association of America.
In 2020, ABIR partnered with Bermuda College and St. John’s University, Maurice R. Greenberg School of Risk Management, Insurance & Actuarial Science to develop diversity, equity and inclusion initiatives to recruit the next generation of re/insurance leaders in Bermuda. Initiatives from the partnership include:
- A foundational re/insurance course at Bermuda College underwritten by ABIR. The course launched Spring 2021, with ABIR member executives, industry stakeholders and government leaders as guest lecturers. The course is open to Bermuda College students, local high school students, and the local community.
- Summer internship opportunities at Bermuda’s leading insurers and reinsurers. Nearly 75% of ABIR members offer internships; click here for more information.
- Pilot ABIR scholars’ educational opportunity for high-performing Bermudian students to complete risk-management education at St. John’s University. The pilot re/insurers will assist students financially with scholarships to ensure any gaps in financial needs are met to fulfill their education before returning to Bermuda to work at ABIR companies.
ABIR members are committed to investing in the training and development of a vibrant, local workforce in Bermuda. Along with the internships, educational scholarships in Bermuda by ABIR members totaled over $1.3 million in 2019. ABIR members continue to offer additional training and development opportunities, such as graduate training programs, tuition reimbursement and leadership training.
With 25% of US insurance professionals expected to retire or assume smaller roles within three years, there will be new global opportunities for aspiring young people. Potential careers for students and young adults with academic enthusiasm for:
If you see your favorite school subject on this list, challenge yourself to prepare for one of the many careers in the insurance and reinsurance world, and be one of the industry’s new, up-and-coming professionals.
You can make a start by browsing our fact sheet, discovering jobs that suit you, and learning more about the post-secondary paths to an exciting future in a successful and respected industry, in Bermuda and internationally.
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Hamilton HM 08 Bermuda