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Hamilton, Bermuda (September 2, 2025) — Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) recorded a strong 10% year-over-year increase in premium written in 2024, and an 8.5% increase in total equity. ABIR’s global underwriting report, released today, comprises data from 25 of 33 member re/insurers for the calendar year 2024. The group generated gross written premium of over $188 billion, up from $171 billion in 2023, driven by organic growth. In 2024, the group’s total equity increased to $178 billion from $164 billion in 2023.

- The participating companies write insurance and reinsurance from underwriting centres in Bermuda, the United Kingdom, Europe, Asia, North and South America.

- ABIR members reported net income of $26.9 billion in 2024 verses $32.2 billion in 2023, as a result of elevated claims.

- ABIR analysis indicates over 90% of gross written premium is attributed to publicly traded member companies.

- The Bermuda market continues to diversify into growing specialty lines including cyber, mortgage, political and terrorism risk, transactional liability and financial lines coverage, building on the Bermuda market’s historic global dominance in property coverage.

IFRS 17 has been adopted as the reporting standard by a number of ABIR members, and as such the report has been split into two tables to more accurately reflect the differences in the reporting standards. One table includes members who report on U.S. GAAP, IFRS or Bermuda SAP basis, and the new second table contains the results for members that report on an IFRS 17 basis. Consistent with last year’s report, the current reported results are not directly comparable to the report from the prior years for these reasons.

- ABIR’s underwriting data release comes days after a report by AM Best, the global credit ratings agency, also highlighted the Bermuda market’s strength and growth.

- AM Best’s Report, Momentum Remains for Dedicated Reinsurance Capital Beyond the Market Peak, found that Bermudian-based reinsurers grew capital in 2024 by 16 per cent year-on-year, outpacing peers in Europe, the United States and Asia.

- Bermudian-based companies represent about 15 per cent of global reinsurance capital, the report found.

- A significant Bermuda contingent is preparing to attend the Rendez-Vous de Septembre, an annual gathering of the global reinsurance industry in Monte Carlo, in September. The event traditionally marks the start of discussions between all industry players ahead of January reinsurance contract renewals.

Mark Cloutier, Chair of ABIR and Executive Chair of Aspen Insurance Group, commented: "The results of ABIR's global underwriting report reflect strong and growing global demand for the risk-transfer expertise and robust capital base of ABIR member companies. With accelerating risk awareness, the Bermuda market relevance has never been more important as it consistently delivers world-class industry talent, a universally recognized supervisor, innovation and industry-leading reliability to deliver risk solutions with unparalleled speed to market."

John M. Huff, CEO of ABIR, said: “The overall organic growth results demonstrate that Bermuda’s leading insurers and reinsurers continue to play a critical role in providing capital and capacity, innovative solutions for customers, and peace of mind for consumers, businesses and communities. Over the past ten years, the Bermuda market has supported over a trillion dollars in claim payments around the world, much of it after a natural disaster.”

View the full report at: www.abir.bm

 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 or follow us on X @ABIR_Bermuda