Florida Insurance Commissioner Addresses Reinsurance Professionals in Bermuda
HAMILTON, Bermuda – Yesterday the Florida Insurance Commissioner was in Bermuda to address the Board of Directors for two prominent reinsurance groups – the Reinsurance Association of America (RAA), and the Association of Bermuda Insurers and Reinsurers (ABIR). The Florida property insurance market relies on Bermuda reinsurers for a substantial amount of its reinsurance associated with catastrophe risk.
"Florida has the same insurable value as the state of New York with ten times the coastline – not to mention we are geographically located in one of the most hurricane-prone parts of the world," said Commissioner McCarty. "I appreciate the opportunity to meet with global reinsurance leaders to answer their questions, and to continue to promote investment in Florida’s property insurance marketplace."
On Monday, the Commissioner participated in an RAA panel titled, "Global Insurance Regulation and Capital Requirements." The panel included representatives from PartnerRe Ltd., Swiss Re (Zurich), Ace Group Management and Holdings, Ltd., and Munich Reinsurance America; a partner of PricewaterhouseCoopers, Bermuda moderated the panel.
On Tuesday, the Commissioner delivered a speech to the Board of Directors of ABIR at 9 a.m., and delivered a similar speech to the Board of Directors of RAA at 10:30 a.m. ABIR represents 23 major international insurance and reinsurance companies with the goal of providing worldwide access to property and casualty insurance and reinsurance. The Reinsurance Association of America (RAA) is a national trade organization headquartered in Washington,
D. C. that represents well-established providers of reinsurance and reinsurance intermediaries.
The National Association of Insurance Commissioners (NAIC) asked the Commissioner to attend these events on behalf of the NAIC; the NAIC paid for the Commissioner's expenses for this trip. Insurance Commissioner Kevin McCarty is currently serving as Vice President of the NAIC.