Legacy trade association forms Bermuda chapter
Trade association the Insurance and Reinsurance Legacy Association (IRLA) has launched a Bermuda chapter with the goal of increasing its voice on regulatory issues concerning the $30 billion sector.
The IRLA Bermuda chapter will also provide a platform for members to network, share best practices and access professional development opportunities in the region, the IRLA said.
“It will promote the interests of the legacy sector in Bermuda, foster collaboration and communication among its members and stakeholders, and speak with one voice,” a statement said.
Bermuda’s legacy sector has ballooned in recent years and the IRLA said the chapter will enable it to review and respond to changes in regulation or legislation that affect legacy business regionally, “as evidenced by its response to the recent Bermuda Monetary Authority’s guidance on Corporate Liabilities”.
The chapter said it planned to facilitate open and regular engagement with the BMA through a program of meetings, replicating IRLA’s long-established approach and dialogue with the UK’s Prudential Regulation Authority (PRA).
The chapter will also support IRLA's global initiatives and events, such as the annual Congress, the Future Leaders Group, and the Academy.
The IRL said that based on BMA filings and responses provided to IRLA Bermuda, the legacy markets are managing over $30 billion of P&C insurance liabilities and employ over 100 jobs in Bermuda.
The IRLA Bermuda chapter is led by a committee of professionals from the legacy market, including representatives from Enstar Group, RiverStone International, Compre Group, R&Q Insurance Holdings and BMS Group.
Sarah Ruberry, IRLA Bermuda Committee Chair, and Chief Compliance Officer, Enstar Group, said: ‘The launch of IRLA’s Bermuda chapter underlines the continued momentum and growth of the Bermuda legacy market, which is playing an increasingly important role in delivering capital solutions to the wider (re)insurance market.
“IRLA Bermuda will be well-placed to provide a collective voice, support Bermuda’s strong regulatory framework and provide unique networking and training opportunities for its members.”
For more information about IRLA and how to join the Bermuda chapter, please contact secretariat@irla-international.com.
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