The Bermuda International Long-Term Insurers and Reinsurers and the Association of British Insurers have signed a memorandum of understanding to promote co-operation and coordination of views.

The organisations 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.

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, both organisations have previously collaborated on relevant matters of common interest. This MoU provides another opportunity to enhance that work and further support global co-operation.

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.

“Bermuda has become a centre 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.”

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, both organisations have previously collaborated on relevant matters of common interest. This MoU provides another opportunity to enhance that work and further support global co-operation.

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.