Bermuda's long-term re/insurance sector assets reaches $667 billion: BILTIR - Reinsurance News

Bermuda Long Term Insurers and Reinsurers (BILTIR) has released a report which shows the widespread economic and social benefits which the organisation brings to Bermuda.

The report shows that the Bermuda life re/insurance sector companies hold $667 billion of assets under management.

BILTIR member companies contribute $500 million in direct and indirect expenditure to the Bermuda’s economy.

The life sector employs more than 600 Bermuda-based staff, 60% of whom are Bermudian or spouse of a Bermudian.

BILTIR members contributed over $4 million to community causes in 2020 and supported more than 50 charitable initiatives, embracing corporate social responsibility and community engagement.

The association was established in 2011 with five founding members and now has 63 members comprising of re/insurance companies and service providers.

Sylvia Oliveira, Chair of BILTIR, said: “Life insurance provides security to families in the event of untimely death or disability, and during retirement.

“As such, a stable, prudent domicile is critically important to the life sector, and the Bermuda jurisdiction provides the long-term robust protection that allows our sector to thrive.

“BILTIR is pleased to support and advocate for the life sector as it continues to grow in Bermuda. I’m especially proud of the positive contributions BILTIR and its members make to Bermuda’s community, in particular the education initiatives.”

Martin Laframboise, Executive Director of BILTIR, said: “Combined with NAIC reciprocal jurisdiction recognition and Solvency II equivalence that puts Bermuda’s strong risk-based regulations in line with international standards and the protection that affords the ultimate policyholder, companies electing to domicile in Bermuda, are benefiting from that growth.

“Thanks also to BILTIR’s contribution over the last 10 years in the sector to advocate for its members on industry developments.”