Context
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.
Key points to note
The MoU specifies six areas in which the two associations will exchange information to promote mutual understanding. These are:
- Climate Change
- Cyber risks
- Diversity, Equity and Inclusion
- Wider insurance and reinsurance matters
- Domestic regulation of respective markets
- 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. 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.
Next actions
None – for information and awareness