Bermuda International Long Term Insurers and Reinsurers (BILTIR) and the Association of British Insurers (ABI) have entered into a Memorandum of Understanding (MoU) that sets the foundation for ongoing collaboration on insurance and reinsurance sector developments.
The agreement, signed during the Life and Annuity Reinsurance Forum in London, outlines a structured approach to sharing information and coordinating positions on issues such as financial stability, regulatory changes, taxation, and diversity and inclusion. Both organizations will also explore joint initiatives, including events and knowledge exchange opportunities.
The MoU signals a more formal relationship between the UK and Bermudian insurance industries, with both parties agreeing to exchange insights and coordinate responses on developments driven by international regulatory bodies. The arrangement will also enable both sides to contribute to joint research and analysis on evolving industry practices.
Suzanne Williams-Charles, CEO of BILTIR, said Bermuda continues to draw engagement from international reinsurance participants and sees value in working with peer associations.
“BILTIR and the ABI’s partnership will combine the highest level of expertise from two leading jurisdictions and allow us to champion responsible, regulated innovation in our sector,” she said.
The agreement includes provisions for sharing hosting duties at events and facilitating member access to discussions on current industry concerns. These may include sessions on regulation, long-term investment strategies, and competition in the insurance and reinsurance landscape.
As members of the Global Federation of Insurance Associations (GFIA), BILTIR and the ABI have previously worked on matters with overlapping interests. The MoU builds on that cooperation by creating a framework for more regular engagement.
According to ABI director general Hannah Gurga, the partnership recognizes the existing ties between the UK and Bermuda insurance sectors and provides a platform for future joint work on shared industry issues.
The two organizations intend to use this agreement to create more avenues for communication between their members, including through research collaboration and issue-based working groups. While each body continues to operate independently within its jurisdiction, the MoU allows for coordinated activity when priorities align.
The Life and Annuity Reinsurance Forum, where the agreement was signed, brought together insurers, reinsurers, and regulatory experts to discuss current developments in the long-term insurance sector.
Will this type of cross-border collaboration have an impact on how insurers respond to regulatory and market developments? Share your thoughts in the comments.
