Bermuda International Long Term Insurers and Reinsurers (BILTIR) concluded its 13th annual Bermuda International Life and Annuity Conference last week at the Hamilton Princess Hotel and Beach Club.
The event drew more than 500 industry professionals from 17 countries, with nearly half of the attendees traveling from outside Bermuda.
This year marked the first time the conference was held over two days, featuring speeches, panel discussions, and networking sessions focused on the jurisdiction’s role in the global re/insurance industry.
Bermuda Premier E. David Burt addressed attendees, stating, “Bermuda’s long-term sector continues to expand on the strength of our leading regulatory framework. This strong regulation attracts quality companies that are helping to solve global pension gap challenges.”
Burt also noted the government’s focus on growth that benefits both the local economy and residents, supported by international partnerships. He expressed appreciation for BILTIR’s ongoing commitment to the jurisdiction.
According to the Bermuda Monetary Authority (BMA), Bermuda’s long-term commercial re/insurers paid out US$549 billion in gross claims costs to policyholders and cedants worldwide between 2016 and 2024. The BMA highlighted that these figures reflect the industry’s reliability and the regulator’s commitment to maintaining a robust oversight framework.
Natasha Scotland Courcy, chair of BILTIR’s board of directors and CEO and general counsel at Athene Life Re, commented on the event’s significance.
“The growing demand for insights and networking at our conference confirms Bermuda’s role at the center of the global re/insurance sector,” she said. Courcy added that attendees gained practical insights from discussions on strategies, risk management, and collaboration to enhance policyholder protections.
The conference featured speakers such as Utah Insurance Commissioner and NAIC Secretary and Treasurer Jon Pike, Bermuda Monetary Authority Deputy Managing Director of Supervision Gerald Gakundi, and Angus Scorgie of Insurance Europe, who joined virtually. Keynote speaker Maurice Conti addressed the use of artificial intelligence in reshaping the life insurance industry.
Sessions covered topics including the long-term insurance sector’s contribution to Bermuda’s economic growth, the continued confidence in Bermuda’s regulatory environment, the role of reinsurance in stabilizing global risk, and the increasing significance of private credit in the re/insurance market. Discussions also addressed how reinsurers are supporting the financial foundations of retirement and insurance guarantees.
Bermuda now accounts for approximately 35% of the world’s reinsurance capacity, according to industry data. Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a collective gross written premium of over US$171 billion in 2023, reflecting an 18% increase from the previous year.
Offshore activity has also increased, with US life insurance and annuity reserves ceded offshore reaching nearly US$0.8 trillion since 2017. Bermuda accounts for 81% of this reinsurance activity, underscoring its central role in supporting the US market’s capital and risk management needs.
What are your thoughts on this story? Please feel free to share your comments below.
