Reliable innovative safe catastrophe reinsurance
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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

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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


Katrina rita and wilma

Katrina, Rita, and Wilma


Florida 93 international

Florida – 93% International


Texas cats

Texas Cats


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


3 b in cat bonds expected 2009

$3 B in Cat Bonds Expected 2009


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


Reliable innovative safe catastrophe reinsurance

ABIR

Bradley Kading

President and Executive Director

[email protected]

Leila Madeiros

Vice President and Corporate Secretary

[email protected]

WWW.ABIR.BM


Reliable innovative safe catastrophe reinsurance

Bradley Kading

Association of Bermuda Insurers and Reinsurers


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