Bermuda’s regulatory reputation has come on in leaps and bounds and the Island is well-positioned for the future as a result, says the head of its major re/insurance association.

John Huff, CEO of the Association of Bermuda Insurers and Reinsurers (ABIR), which marks its 30th anniversary this year, said in a video interview in June with Bermuda:Re+ILS that the industry has rapidly grown in the three decades since Hurricane Andrew devastated South Florida.

“If you think we started with Hurricane Andrew in the early 1990s and bookend that with Hurricane Ian in 2022, this market has certainly matured in the last 30 years,” Huff says.

“The Bermuda Monetary Authority is first-class and world-recognised.”

“We have grown our regulatory reputation so that Bermuda now has Solvency II equivalence in Europe—and that was hard-earned—and in the US we have the highest recognition by US regulators, the NAIC reciprocal jurisdiction.

“The Bermuda Monetary Authority is first-class and world-recognised. The diversity within the authority is tremendous. They have not missed a beat because of the COVID-19 pandemic. In fact, they have become stronger because of the opportunity to recruit and work remotely.”