Bermuda International Long Term Insurers and Reinsurers (BILTIR) and the ABI today announced the signing of a Memorandum of Understanding (MoU) to promote cooperation and coordination of views between the two organisations.
As a result of the signed MoU, BILTIR and the ABI will increase collaborative efforts by exchanging information and insights around key industry issues, including financial stability, domestic regulation of respective markets, taxation, and diversity and inclusion. They will co-ordinate views on key issues of mutual interest where possible and may undertake joint activities such as learning or networking opportunities.
“Bermuda has become a center of convening for the global reinsurance world, and BILTIR is embracing that title by proactively seeking collaboration with member organisations from around the world,” said Suzanne Williams-Charles, CEO of BILTIR. “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.”
Under this agreement, the two organisations will establish pathways to work together to form viewpoints on key issues driven by international regulatory bodies and develop next-step approaches on an as-needed basis. Experts from the two organisations may also contribute to joint research and study activities to address specific industry themes and trends.
As members of the Global Federation of Insurance Associations (GFIA), both organisations have previously collaborated on relevant matters of common interest. This MoU provides another opportunity to enhance that work and further support global cooperation.
BILTIR and the ABI will also share networking, hosting, and event opportunities with their members to allow for greater learning and conversations. Members will now have the opportunity to listen to or facilitate more discussions about trends in the insurance and reinsurance industry and regulatory adjustments.
Hannah Gurga, Director General of the ABI, said
“There is a strong partnership between the UK and Bermudian industries and this MoU will further strengthen that position. We look forward to working more closely with BILTIR on matters of mutual interest.”
The signing of this MoU took place at a Life and Annuity Reinsurance Forum in London, bringing together key stakeholders from the long-term sector to discuss the latest regulatory developments, investment strategies, and market competition.
About BILTIR
Bermuda International Long Term Insurers and Reinsurers (BILTIR) represents the long-term insurers and reinsurers in Bermuda. Backed by Bermuda's over 40-year history of providing insurance solutions and at the forefront of the evolving long-term insurance industry, BILTIR represents the policy interests and drives advocacy for the market and its members. BILTIR membership is comprised of more than 70 annuity, life insurance, and reinsurance businesses and servicing companies on the island. To learn more, visit https://www.biltir.bm/.
About the ABI
The ABI is the definitive voice of the UK’s world-leading insurance and long-term savings industry, which is the largest sector in Europe and the third largest in the world. We represent more than 300 firms within our membership including most household names and specialist providers, providing peace of mind to customers across the UK. Our sector is productive, inclusive and essential to the UK economy and together, we are driving change to protect and build a thriving society.