FOR IMMEDIATE RELEASE

December 20, 2022

Commissioner Donelon Pitches Louisiana Business Environment to Global Insurance and Reinsurance Leaders in Bermuda

Insurance Commissioner Jim Donelon recently traveled to Bermuda for the Association of Bermuda Insurers and Reinsurers’ (ABIR) Annual General Meeting, where he met with ABIR’s board of directors and gave a presentation 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 executives from international insurers and reinsurers based in Bermuda.

During the meetings, Commissioner Donelon reviewed several 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 homes across coastal Louisiana with new roofs following the devastating 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, referred to as the “World’s Risk Capital,” is the largest supplier of catastrophe reinsurance for the U.S. insurance industry. The ABIR represents the public policy interests of Bermuda’s insurers and reinsurers around the world.

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

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.