Brit Re, the reinsurance arm of Brit, based in Bermuda, has officially joined the Association of Bermuda Insurers and Reinsurers (ABIR), marking a milestone as the organization’s membership reaches an unprecedented level. ABIR is dedicated to representing the public policy interests of Bermuda’s international re/insurers, currently comprising 34 member carriers along with three intermediaries in its Broker Advisory Cabinet.
For over 32 years, ABIR has been a staunch advocate for these interests, now witnessing a record-high member count. With the inclusion of Brit Re, Jonathan Stephenson, Head of Office in Bermuda for Brit, has been appointed to the ABIR board of directors.
Brit Re operates as part of Brit, a global insurance and reinsurance provider, owned by Fairfax Financial Holdings Ltd. While Brit maintains its headquarters in the UK, it has established a significant presence with offices in both London and Bermuda. In 2017, Brit Re made a strategic move to Bermuda, aiming to enhance its property, casualty, and specialty reinsurance offerings.
In 2024, Brit outlined a strategic plan to significantly broaden its reach in Bermuda’s reinsurance sector, subsequently attracting top-tier industry talent to support this expansion.
Mark Cloutier, ABIR Chair and Executive Chair of Aspen Insurance Group, remarked, “We are thrilled to welcome Brit Re, a longstanding and active participant in Bermuda’s re/insurance market, as a new member of ABIR. Jonathan’s wealth of industry knowledge and experience will make him an invaluable addition to the ABIR board.”
Stephenson, who assumed his role at Brit Re in September of last year, brings over three decades of reinsurance leadership experience. His previous roles include Pacific Region CEO for Guy Carpenter, Executive Vice President at Aon, and more recently, Managing Director at Guy Carpenter in Toronto.
He commented, “Expanding our team at Brit Re to leverage Bermuda’s dynamic, multi-class reinsurance market is a top priority. Brit Re is a crucial growth pillar for Brit, and we are committed to establishing a significant, enduring presence in Bermuda. Joining ABIR aligns with our goals as it has been instrumental in enhancing the global reputation of this thriving marketplace as a premier risk management hub.”
John Huff, CEO of ABIR, stated, “Brit Re’s expansion plans in Bermuda are positive for the island and the market. We are delighted to welcome Brit Re into ABIR. Our member companies lead globally by assembling the capital and expertise necessary to tackle the world’s most complex and evolving risks — from natural disasters and climate change to cyber threats, mortgage, specialty, and legacy risks.”
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