More than half of US mortgage reinsurance is backed by the Bermuda reinsurance market, according to new analysis by the Association of Bermuda Insurers & Reinsurers (ABIR).
mortgageReinsurance companies on the island provided increased capacity to US monoline private mortgage insurers in recent years, upping their share of reinsurance support from just under 30% in 2016 to over 50% in 2020.
“The Bermuda re/insurance market has long been known to provide peace of mind for Americans against natural catastrophe risks, including hurricanes, tornados and floods,” said Marc Grandisson, CEO of Arch Capital Group and Chair of ABIR. “Now, data shows the Bermuda market is playing an increasing role in helping Americans achieve the dream of home ownership.”
