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Reliable, Innovative, Safe, Catastrophe Reinsurance. Brad Kading September 2009 CEI Out of the Storm. Association of Bermuda Insurers and Reinsurers . 24 Class 4 Companies Highly capitalized, distinct regulation $61 B GWP, $65 B Surplus (YE 2008)

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Reliable innovative safe catastrophe reinsurance

Reliable, Innovative, Safe, Catastrophe Reinsurance

Brad Kading

September 2009

CEI Out of the Storm


Association of bermuda insurers and reinsurers
Association of Bermuda Insurers and Reinsurers

  • 24 Class 4 Companies

  • Highly capitalized, distinct regulation

  • $61 B GWP, $65 B Surplus (YE 2008)

  • Headquarters in Bermuda with principal operations in Bermuda, the US and Europe

  • Worldwide business enterprises

  • 1,800 employees in Bermuda; 15,000 US; 30,000 worldwide


Bermuda market impact
Bermuda Market Impact

  • Largest property cat reinsurance market

    • Supplies 40% of the US and EU market

    • Largest cat reinsurer in the world: Renaissance Re

  • Highly capitalized, excellent claims payment history

  • Tested by the worst of Man (9/11) and Mother Nature (2004 and 2005 US hurricane season)

  • Regulated to tough standards:

    • Mandatory stress and scenario tests and explicit RBC cat charge

    • Regulatory MOU’s: NY and FL; UK and the IAIS





Reinsurers track record
Reinsurers’ Track Record

  • Post Hurricane Andrew:

    • $500 M limits (5 times previous)

    • Securitizations

    • New capital/companies

    • Cat Models

    • Derivatives

    • CEA – record placement

  • Post 9/11:

    • New capital/companies

    • Hedge fund vehicles

    • ILW’s

    • Terrorism cover

  • Post Katrina:

    • New capital/companies

    • Sidecars

    • Derivatives reborn

  • Post Financial Crisis:

    • Financially strong, stable

    • Capacity maintained vs.:

      • Securitizations down

      • Cat Fund bonding impaired



Hr 3424 brattle group cummins conclusions
HR 3424: Brattle Group/Cummins’ Conclusions

Enactment of the discriminatory reinsurance tax bill will:

Lead to the elimination of affiliated reinsurance for non US groups

Lead to a 20% reduction in overall US reinsurance market supply

Lead to a 1 to 2 % drop in supply of primary insurance

Lead to $10-$12 billion annual increase in US insurance costs


Abir members
ABIR Members

ACE

Allied World

Argo Group

Ariel Re

Arch

Aspen

Assured Guaranty

Axis

Catlin

Endurance

Flagstone Re

Harbor Point

Hardy

Hiscox

Lancashire

Max Capital Group

Montpelier Re

Partner Re

Platinum Re

Renaissance Re

Torus

Validus Re

XL Capital


ABIR

Bradley Kading

President and Executive Director

[email protected]

Leila Madeiros

Vice President and Corporate Secretary

[email protected]

WWW.ABIR.BM


Bradley Kading

Association of Bermuda Insurers and Reinsurers


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