Bermuda insurers and reinsurers post lower profits in 2014
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Ace Group Holdings Inc. led the way as 19 members of the Association of Bermuda Insurers and Reinsurers posted net income of $11.0 billion for 2014, down 6.0% from 2013, the association said Friday.
The $74 billion in gross written premiums written by the participating insurers and reinsurers was up 5.6% from 2013, as the capital and surplus base rose 4.1% to $99.3 billion from 2013, said the statement.
Ace led the pack in both net premiums written at $23.4 billion and net income at $2.9 billion, which includes the results of Ace Ltd., Ace Bermuda, Ace Global Markets, Ace Tempest Life Re (including Ace Tempest Re Bermuda) and Ace Group Holdings.
The year saw “intense market competition as pension fund capital converged with traditional (re)insurance operations,” Bradley Kading, president and executive director of the association, said in the statement.
“As was the case in 2013, the $11 billion in net income demonstrated earnings power in years characterized by low catastrophe losses,” Mr. Kading said.
Nineteen of 21 member insurers and reinsurers participated in this 2014 report. The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, and North and South America.
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