A joint venture between two insurance brokers - Bermuda-based H&H Park and UK company Heath Lambert Group - has already led to a substantial increase of business in the local marketplace, according to H&H CEO Paul Scope.

H&H Park - which under its holding company MRM Specialty Brokerage Ltd., and one of the units in newly formed MRM Services - is a leading Bermuda wholesale insurance broker while Heath Lambert (HL) is reportedly the seventh largest insurance and reinsurance broker in the world. Mr. Scope said the joint venture - which he described as a trading relationship rather than a joint corporate venture - will see HL access the local market through H&H Park.

The companies said they set up a joint working relationship in response to increasing activity in the Bermudian marketplace.

Although non-US brokers can directly access the Bermuda market, and Mr. Scope said many do, the advantage to working together is increased business for both companies and H&H Park is in the local market to do the day-to-day and follow-up work with its Bermuda-based clients.

Adrian Colosso, HL's head of global broking said: “We wanted to show a commitment to developing long-term relationships in the local market. We also wanted to expand our options in the territory,” he said.