Hamilton, Bermuda (November 7, 2023) — The Association of Bermuda Insurers and Reinsurers (ABIR) today welcomed the news that RenaissanceRe Holdings Ltd. has successfully closed its acquisition of Validus Re and its subsidiaries from American International Group (AIG).

ABIR member RenaissanceRe becomes the fifth-largest property and casualty reinsurer in the world after the acquisition of Validus, which was one of the startups that launched in Bermuda after the heavy insured losses of the 2005 hurricane season.

“This is truly a landmark acquisition, both for RenaissanceRe and for Bermuda,” said John Huff, President & Chief Executive Officer of ABIR. “The combination of two Bermuda-born companies to create a top-five, diversified global reinsurer speaks volumes about the Bermuda market’s growth, evolution and continuing relevance. ABIR congratulates RenaissanceRe on this significant milestone.

“Coming in a year when both RenaissanceRe and ABIR are celebrating their 30^th anniversaries, this deal presents compelling evidence that Bermuda remains the best place in the world from which to run a global re/insurance company. 

“Bermuda’s internationally recognized regulator, world-leading talent base and culture of innovation drive the market’s leadership in finding solutions to large and complex risks such as climate change and cyber. In these times of uncertainty and rapid change, Bermuda has never been more valuable to the world.”

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.