Biltir forms industry advocacy group
The Bermuda International Long Term Insurers and Reinsurers organisation has formed a global advocacy committee to engage on international issues that affect the island’s life insurance sector.
The committee will interact with regulators, governments, Biltir members, clients and advocacy groups to actively communicate Bermuda’s strengths as one of the world’s largest and most sophisticated commercial insurance marketplaces.
Biltir said that Bermuda is compliant with the highest recognised international regulatory standards, which is a testament to the island’s prudent risk-based solvency framework.
The committee will work with other business associations and stakeholders to ensure that Bermuda maintains its strong reputation as a competitive and leading international financial centre.
Biltir said that it represents 68 member companies within Bermuda’s life and annuity re/insurance marketplace, which serves to provide protection and financial stability to families and individuals.
The island’s regulatory framework and supervision model is aligned with most rigorous international standards which prioritise policyholder protection above all else.
“Bermuda’s life reinsurance industry is highly respected internationally, and the BMA is recognised as a world-class regulator,” said Biltir executive director Martin Laframboise.
“However, that message is not as widely known as it should be. Our new committee will ensure that we consistently communicate Bermuda’s strengths as a prudent compliant jurisdiction to other stakeholders around the world.”
Biltir said that the committee members will be: chairman John Hele, the president and COO of Resolution Life Group Holdings, and Biltir board member; vice-chairman Brad Adderley, the managing partner of Appleby Bermuda; secretary Cyle Allen, legal counsel of Athene; executive director (US) Tracey Laws, head of government affairs of Athene; executive director (Asia) Niall O’Hare, the founder and CEO of Triangle Life Bermuda; executive director (EU/UK) Steve Hales, the CEO of Resolution Re; and executive director (global) Yibo Hu, the CRO of Somerset Re.