Bermuda, UK (Re)Insurance Groups Look To Advance Markets' Partnership
September 28, 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have agreed to work together on several areas of mutual interest detailed in a memorandum of understanding (MOU).
The associations said the agreement will build on the working partnership that exists between the Bermuda and UK markets, both leading global reinsurance hubs. The agreement promotes cooperation and the exchange of views and information in important industry issues.
The MOU sets out six areas in which the ABIR and the ABI will exchange information.
- Climate change
- Cyber risks
- Diversity, equity, and inclusion (DEI)
- Wider insurance and reinsurance matters
- Domestic regulation of respective markets
The agreement allows the coordination of views and approaches in situations where there is a shared concern of serious detriment to cross-border insurance and reinsurance in other markets. The MOU also provides opportunities for the ABIR and the ABI to work together on research projects and for executive visits to each other's countries to advance relationships.
"ABIR and our member companies welcome the signing of this MOU, which sets out ways in which our markets can be stronger by working together," Pina Albo, ABIR chair and CEO of Hamilton Insurance Group, Ltd., said in a statement. "We recognize that the synergy between the Bermuda and UK (re)insurance industries is pivotal to the effective functioning of global insurance markets. Collaboration will help us address the most significant challenges our industry faces as we strive to meet the world's evolving risk-management needs."
"Our long-standing relationship with the ABIR is something the ABI deeply values, and I'm delighted to be cementing this with our memorandum of understanding," Hannah Gurga, ABI director general, said in the statement. "Re/insurers operating in the UK and Bermuda face many of the same opportunities and challenges, and this agreement will help us to further strengthen our cooperation on issues such as climate, cyber, and DEI."
September 28, 2023