I am glad that the Association of Bermuda Insurers and Reinsurers is taking an active role in lobbying in the United States to slow down the political slander facing Bermuda:
According to ABIR, Bermuda insurers provide an estimated 66% of the reinsurance purchased by the Texas Windstorm Insurance Association, which insures most of the properties damaged by Ike in Texas. The group estimates that Bermuda insurers will provide about 45% of the reinsurance claims that will eventually be paid to insurers for damage caused by Ike.
The Bermuda insurance sector was created to deal with problems in the American one. Y’all need us like we need you. Plus, without us, what suckers would there be left to pay Beyoncé a million bucks for a lil ole singalong?
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