The Association of Bermuda Insurers and Reinsurers (Abir) has recently hosted a meeting with the leaders from the National Association of Insurance Commissioners (NAIC) about the latest market trends and topics of mutual interest, as reported in an article by The Royal Gazette.
“We were pleased to welcome our guests from the NAIC,” said Abir CEO John Huff. “The open dialogue we enjoy with these regulatory leaders helps to maintain the long-established and successful relationship between the Bermuda reinsurance market and our largest trading partner, the United States.”
Executives from the member companies of Abir had spoken with regulators such as NAIC president and Connecticut Insurance Department Commissioner Andrew Mais, NAIC president-elect and North Dakota Insurance Department Commissioner Jon Godfread, and NAIC International Insurance Relations Committee chair and Nebraska Department of Insurance Director Eric Dunning.
Topics covered during the meeting included issues that concerned the market such as climate risk, cyber risk, specialty reinsurance, and the capacity of reinsurers, The Royal Gazette reported.
The delegation from NAIC also conducted its annual meeting with the leaders of financial regulator Bermuda Monetary Authority (BMA) during its visit to Abir.
The Association of Bermuda Insurers and Reinsurers represents the interests of Bermuda’s international insurers and reinsurers regarding public policies which protected consumers all over the world. Its headquarters and operations are in Bermuda while it has operating subsidiaries in the US as well as Europe, providing protection to consumers in more than 150 countries all over the world.
The National Association of Insurance Commissioners is focused on protecting public interest and promoting competitive markets. It also aims to ensure that insurance markets remain fair, competitive, and healthy for the public.
