Bermuda & British Markets Working Together
The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have agreed to work together on matters of mutual interest detailed in a Memorandum of Understanding (MoU).
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.
Bermuda’s leading property and casualty re/insurers represent 44% of capacity in the Lloyd’s of London market and provide 32% of reinsurance capacity for the UK Government-backed terrorism reinsurer, Pool Re.
ABIR member companies also employ more than 8,500 people in the UK, while Bermuda Monetary Authority data shows Bermuda re/insurers paid out $35.2 billion in claims to UK customers between 2016 and 2020 alone.
The ABI is the public voice of the British insurance and long-term savings sector, and represents more than 200 member companies.
The MoU specifies six…
