Aeolus, Ariel & Fortitude join ABIR

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced new members for 2021 coming from across the spectrum of reinsurance and third-party capital or ILS fund management.

Among those joining the organisation for 2021 are well-established reinsurance and retrocessional investment fund manager Aeolus Capital Management Ltd.

Aeolus, led by Chief Executive Officer Andrew Bernstein, is one of the largest Bermuda-based specialist insurance-linked securities (ILS) fund managers, with a focus on catastrophe reinsurance and retrocession.

Aeolus originally launched in 2006 as a private equity backed reinsurance vehicle, before being transformed into a managed ILS capital platform in 2011.

Aeolus is based in Bermuda and its capital providers include some of the most sophisticated investors in the world, with the manager seeking to deliver them the superior risk adjusted returns and diversification benefits of exposure directly to catastrophe reinsurance returns.

Also joining ABIR is Ariel Re, the international reinsurance company that has now been taken private from former owner Argo in a transaction featuring significant private equity investors Pelican Ventures and J.C. Flowers.

Ryan Mather now leads Ariel Re as its Chief Executive Officer and the company is headquartered in Bermuda.

Fortitude Re, which was once American International Group’s (AIG) legacy reinsurance vehicle, has also joined the ABIR for 2021.

Last year, private equity giant The Carlyle Group significantly increased its ownership stake in Fortitude Re, with the still legacy focused reinsurer now led by Chief Executive Officer James Bracken.

“I am pleased to welcome Bermuda international risk transfer leaders Aeolus, Ariel Re and Fortitude Re to ABIR,” explained Albert Benchimol, President & Chief Executive Officer of AXIS Capital and Chairman of ABIR. “Through ABIR, Bermuda’s leading insurers and reinsurers collectively represent the industry at home and abroad and these leading international companies help build upon the important public policy, advocacy and education work ahead for 2021.”

“The Bermuda re/insurance market capacity, capital and talent are critical to the international challenges of 2021. ABIR is pleased to be joined by these global leaders,” added John M. Huff CEO of ABIR. “Advancing the ABIR value-proposition has never been more important as are member companies offer global, well-regulated capital management tools, protection and peace-of- mind to consumers and businesses in over 150 countries.”

Given the importance of the ILS market and third-party reinsurance capital management to Bermuda’s re/insurance market, it’s no surprise to see major players such as Aeolus Capital Management joining ABIR, which will give it a seat at the table on issues the Association has input and influence on.