Leaders from Bermuda and Lloyd’s reinsurance markets joined Bermuda’s Premier and Minister of Finance, David Burt MP, in a roundtable discussion in London.
Premier Burt visited the UK last week for a series of meetings aimed at building relationships and stimulating additional growth in the island’s financial services industry.
The roundtable, which has been organised by The Association of Bermuda Insurers and Insurers (ABIR), focused on the strong working relationship between two of the world’s leading reinsurance hubs.
ABIR member companies supply substantial capacity for Lloyd’s of London Syndicates and many Bermuda-based global reinsurers have a presence in the Lloyd’s market.
More than 8,000 people are employed in the UK by ABIR members. Premier Burt said: “Bermuda’s international reinsurance industry is a substantial contributor to our domestic economy and a shining example of Bermuda’s value to the world as a leading provider of risk solutions.”
“The Bermuda market’s long-established working relationship with Lloyd’s speaks to the island’s international relevance and I look forward to engaging with industry leaders as we work toward a continuation of this productive partnership.”
In 2019 Bermudian reinsurers supplied almost half of Lloyd’s capacity, paying out $35.2 billion to UK policyholders and cedants in the years between 2014-19.
Bruce Carnegie-Brown, Chairman of Lloyd’s, said: “As two leading, global reinsurance markets, Lloyd’s and Bermuda have a shared interest in building an even stronger insurance industry to provide insurance and risk solutions to our clients around the world.”
“We’re privileged to have had the opportunity to host the Premier and our friends from Bermuda at Lloyd’s. It’s clear that by focusing on issues of mutual interest, there’s substantial scope to invest further in our existing partnership.”
