The Association of British Insurers (ABI) and the Association of Bermuda Insurers and Reinsurers (ABIR) have signed a memorandum of understanding (MoU), agreeing to work together on “matters of mutual interest” such as cyber and climate change.
In its announcement, ABIR said: “The agreement will build on the working partnership that exists between the Bermuda and UK markets, two leading global (re)insurance hubs. It promotes cooperation and the exchange of views and information on issues of high importance to the industry.”
These issues, as outlined in the MoU, are climate change; cyber risks; diversity, equity, and inclusion (DEI); wider insurance and reinsurance matters; domestic regulation of respective markets; and taxation.
“The agreement allows for coordination of views and approach where there is a shared concern of serious detriment to cross-border insurance and reinsurance in other markets,” ABIR went on to note. “Opportunities for the associations to work together in research projects and to build on their relationship through executive visits to each other’s countries also feature in the MoU.”
It was highlighted that ABIR member firms employ more than 8,500 people in the UK, while major property and casualty (re)insurers in Bermuda represent 44% of capacity in the Lloyd’s market.
“Our longstanding relationship with the ABIR is something the ABI deeply values, and I’m delighted to be cementing this with our memorandum of understanding,” said ABI director general Hannah Gurga, who will speak on the Bermuda-UK industry partnership at today’s ABIR@30 Lunch Forum at the Hamilton Princess.
“(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. I look forward to continuing to work together with Pina and [ABIR chief executive] John [Huff] to deliver even more value to our respective members.”
ABIR chair and Hamilton Insurance Group CEO Pina Albo, meanwhile, had this to say: “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.
“We recognise 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.”
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