The Association of Bermuda Insurers & Reinsurers [ABIR] held its first virtual board meeting recently with more than 50 executives from member companies participating in the web-enabled meeting.
A spokesperson said, “Bermuda’s leading insurers and reinsurers are meeting clients’ needs globally and demonstrating robust “operational resilience” during the Covid-19 pandemic.
“As testament to the industry’s agility, the Association of Bermuda Insurers & Reinsurers [ABIR] held its first virtual board meeting recently with more than 50 executives from member companies participating in the web-enabled meeting.”
“ABIR companies have quickly transitioned to remote working protocols in response to the coronavirus pandemic. The industry’s rapid response demonstrates that technology is enabling business continuity in Bermuda – as it does around the world,” said Albert Benchimol, President and CEO of AXIS Capital and Chair of ABIR.
“The way we are conducting business is becoming a ‘table stakes’ approach. Moving to a remote working protocol, based on global and local best practices and guidance, has been seamless across ABIR member companies.”
“Of all industries, the data-rich re/insurance sector understands the statistical effectiveness of ‘flattening the curve,’” Mr Benchimol added. “Our industry has been quick to initiate remote working protocols that support the leading medical advice in controlling the spread of the virus. Remote work reinforces the wisdom of social distancing, which is critical for Bermuda right now.”
“The safety and well-being of ABIR team members, clients, stakeholders and the Bermuda community is the number-one priority, he added. ABIR members have enacted precautionary policies to reduce or eliminate non-essential travel and adopted new health and safety policies for staff, who have returned from traveling.
“ABIR member companies continue to be open for business, just with less physical interaction with clients, stakeholders, vendors and other partners. April 1 renewals have been completed successfully, and companies are now looking ahead to the next renewal period in June.
“The re/insurance industry excels in time of disruption and catastrophes—managing risk during natural and man-made disasters is our strength,” said John M. Huff, President & CEO of ABIR, noting the Bermuda market is well capitalized and works closely with regulators and policy makers globally on the economic potential of any significant events.
“The industry has a proven track record of responding successfully during critical moments in history and we will continue to do so as the world faces and recovers from the Covid-19 pandemic.”
“Concurring with the Bermuda Emergency Measures Organisation [EMO] that the health, safety and well-being of all Bermuda residents is paramount, ABIR held its latest board meeting as a virtual gathering of its top executives. Guest presenters included government and regulatory officials, along with ABIR staff and working group updates.
“The ABIR board and member companies welcome new members, Hannover Re and Awbury Insurance, to the membership. Hannover Re is world’s third-largest reinsurer and is led in Bermuda by CEO Dr. Konrad Rentrup. Awbury Insurance is a Bermuda-domiciled specialist financial lines and economic catastrophe insurance company, led by President David Ensor.
“ABIR welcomes Hannover Re, a global reinsurance leader, and Bermuda-domiciled Awbury Insurance to Bermuda’s leading association of international insurers and reinsurers,” said Huff. “ABIR members operate in over 150 countries and are proud of the Bermuda market contribution of over 35 percent of the global reinsurance market based on property/casualty net premiums earned.”
