FACT SHEET

BILTIR is a formal association representing the long-term insurers and reinsurers in Bermuda, contributing to
the growth and enhancement of the life sector by:
»» Advocating for members on regulatory, tax and other industry developments
»» Fostering a strong relationship with the BMA
»» Keeping members informed A consistent and coherent voice
»» Commitment to education and community for the Bermuda long-term sector

ABOUT LONG-TERM (RE)INSURANCE

»» Covers life and annuity products, including »» Growth in Bermuda:
pensions • Industry is growing as world populations age
»» Long-Term insurance provides: • Bermuda is a global insurance hub with Solvency II
• Protection of retirement assets Equivalence and NAIC Qualification
• Protection for family upon death or disability • Life sector complements P&C sector through
• Protection against outliving savings diversification of risks and longer asset durations
»» Reinsurance allows insurers to:

15 new Life licenses issued

• Offer higher volume of insurance to consumers
• Add options to meet consumer needs
• Pay claims seamlessly
by the BMA in 2018
• Diversify risk globally

Bermuda Life Assets by Class of Insurer Bermuda Assets by Insurance Sector

288 217
142 2016 288
2016 6 260
140
196 195
2015 113 2015 196
5 Total
241
78 Captives
Class E (Assets >500m)
196 Life
150 Class D (Assets 250-500m)
2014 59 2014 150 P&C+SPI
3 Class C (Assets <250M) 237
87
Assets in $ Billions Assets in $ Billions
Source: BMA Annual Report 2017 Life sector is the largest insurance sector in Bermuda by assets

ABOUT BILTIR Types of Business

»» Started in 2011 with 5 founding members Reinsurers 70%

»» 43 (re)insurance company members Direct Retailers 30%

»» 16 service provider members
»» Annual conference with over 300 attendees

$300b Bermuda
»» 4 Committees: Capital, Regulatory, Tax, Strategy life
»» Governed by board of 8 Life senior executives sector assets

BILTIRmembers
BILTIR members account
account for over 50% of
of Bermuda
Bermudalong-term
long-term(re)insurance
re/insurance
marke ement
market total assets under management
GLOBAL IMPACT
BILTIR members and other Bermuda life reinsurers play an important role in the global economy. By insuring a
wide range of risk types within a broad and diverse geographic scope, Bermuda’s long-term (re)insurers impact
markets, economies, and communities around the world.

LOCAL IMPACT
BILTIR companies contribute to Bermuda’s economy, schools, and community

540 Bermuda-based staff

of employees are
40% Bermudian / spouse of

BILTIR
of companies intend to
60% grow in Bermuda
Scholarship

millions/year in direct Summer

$200 Bermuda expenditures Math intern
tutoring for program
GCSE prep Student
million/year donated to
$1.5 Bermuda charities
Lunch &
Learns

secretary@biltir.bm / senioradvisor@biltir.bm www.biltir.bm

BILTIR members account for over
+1-441-295-1044
50% of Bermuda long-term re/insurance
marke
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08 ement BILTIR_Bermuda