Industry group the Association of Bermuda Insurers and Reinsurers (ABIR) has named three new global insurance and reinsurance companies as members and added their CEO’s to its Board.
New market entrants Canopius Reinsurance, Conduit Reinsurance, and Mosaic Insurance have become the newest members of ABIR, taking ABIR’s total membership to the largest in its 28-year history.
CEO’s of each company, Canopius Re Bermuda CEO Charles Craigs, Conduit Re CEO Trevor Carvey, and Mosaic CEO Mitch Blaser have been named to the ABIR Board.
“Bermuda has shown its international strength once again in attracting insurance and reinsurance start-ups during this time of significant growth in our industry,” Marc Grandisson, Chief Executive Officer of Arch Capital Group and Chair of ABIR commented. “I am pleased to welcome these new companies and their seasoned executives to ABIR.”
All three of the companies are recent start-ups based in Bermuda and have attracted new capital to the island.
Canopius reoriented its reinsurance entity recently, gaining a Class 4 reinsurer license from the Bermuda Monetary Authority (BMA) to extend Canopius Re’s scope, so that it can underwrite more premiums and more third-party risks with an initial focus on third-party property and casualty business.
Conduit Reinsurance is a Bermuda-based reinsurance startup whose parent company raised its $1.1 billion of capital in an initial public offering (IPO) on the London Stock Exchange in December 2020 and focused on underwriting property, specialty and casualty business.
Mosaic Insurance is a global specialty lines insurer with San Francisco-based Golden Gate Capital as its majority investor. Mosaic has a new Lloyd’s Syndicate, 1609, and underwriting hubs in Bermuda, London, the US and Asia from which it intends to write complex specialty lines, such as transactional liability, cyber, political risk, political violence, environmental, financial and professional lines.
“Bermuda’s leading insurers and reinsurers, working collectively as ABIR, represent the industry at home and abroad, and these new, international start-up companies will help build upon the important public policy, advocacy and education work ahead for 2021,” John M. Huff CEO of ABIR added. “Advancing the ABIR value proposition has never been more important as our member companies offer global, well-regulated re/insurance products, protection, and peace of mind to consumers and businesses in over 150 countries.”