Louisiana’s Strong Insurance and Reinsurance Environment Promoted to Global Leaders in Bermuda by Commissioner Donelon

Louisiana  – Louisiana Insurance Commissioner Jim Donelon has traveled to Bermuda to attend the Association of Bermuda Insurers and Reinsurers’ Annual General Meeting, where he presented on the state’s attractiveness to the insurance and reinsurance industries. During his meetings with industry leaders and officials, Donelon highlighted the state’s strong regulatory environment and initiatives such as the Insure Louisiana Incentive Program and the Louisiana Fortify Homes Program. Donelon also recently visited London to meet with executives from Lloyd’s of London and other international reinsurance industry leaders.

The Louisiana Department of Insurance announced on December 20, 2022, that Louisiana Insurance Commissioner Jim Donelon recently attended the Association of Bermuda Insurers and Reinsurers’ (ABIR) Annual General Meeting in Bermuda, where he met with ABIR’s board of directors and presented on Louisiana’s continued viability as a destination for the insurance and reinsurance industries.

Commissioner Donelon also met with Bermuda Governor Rena Lalgie, U.S. Consul General to Bermuda Karen Grissette, Lloyd’s of London Chief of Markets Patrick Tiernan, and officials from Bermuda-based international insurers and reinsurers.

During the meetings, Commissioner Donelon reviewed a number of factors that have strengthened Louisiana’s insurance business and regulatory environment, including the Insure Louisiana Incentive Program, higher minimum capital and surplus requirements for insurers, increasingly stringent building codes, the Louisiana Fortify Homes Program, and the significant number of coastal Louisiana homes with new roofs following the devastation of the 2020 and 2021 hurricane seasons.

“Louisiana policyholders are still suffering from an unprecedented stretch of catastrophic hurricanes and the toughest international reinsurance market we’ve ever seen,” said Commissioner Donelon. “I’m confident our plan to attract insurers to Louisiana will be successful, and I appreciate the opportunity to share it with the global insurance and reinsurance leaders at ABIR’s Annual Meeting.”

Bermuda, also known as the “World’s Risk Capital,” is the leading provider of catastrophic reinsurance to the United States insurance market. The ABIR represents the international public policy interests of Bermuda’s insurers and reinsurers.

Recently, Commissioner Donelon also flew to London to meet with executives from Lloyd’s of London, the International Underwriting Association of London, and other international reinsurance industry leaders.