AIG and partners set up fund to improve Bermuda infrastructure
Insurance companies in Bermuda have raised nearly US$100 million for a fund to upgrade the island's ageing infrastructure.
The Bermuda Infrastructure Fund first mooted six months ago has now been officially launched in a bid to improve ports, docks, roads, bridges, industrial facilities and healthcare facilities.
"The fund is important for Bermuda on two fronts: it supports the modernisation of Bermuda's ageing infrastructure and will provide jobs for Bermudians in the months and years to come," said Premier David Burt, who is also the finance minister.
Participants in the fund include American International Group, whose CEO Brian Duperreault came up with the scheme, Arch Capital Group, XL Catlin, Axis, RenaissanceRe, Hamilton Insurance Group, Argus and BF&M.
Duperreault is supported in the venture by New Venture Holdings CEO Don Mackenzie and Arch Capital chief investment officer Preston Hutchings.
According to a press release, the trio raised almost US$100 million after "advocating on behalf of Bermuda's future" through meetings with industry leaders.
"Don, Preston and I are delighted to be able to announce the formation of this fund, which represents an investment in Bermuda by the insurance and reinsurance industry," said Duperreault, who founded Hamilton Insurance Group. "We're particularly pleased that the companies supporting the fund are both local and international, as it sends a clear signal that our entire sector wants Bermuda to succeed and prosper."
Duperreault added that ageing infrastructure is a threat to growth and development, and that Bermuda's goal of establishing new industries, such as insurance technology, or insurtech, depended on sound infrastructure.
"The Bermuda Infrastructure Fund is a potent vehicle to help achieve this goal," he said.