IRLA Launches New Chapter In Bermuda

April 11, 2024 | 0 Comments

The Insurance and Reinsurance Legacy Association [IRLA] — a leading trade association for the legacy insurance and reinsurance sector — announced the launch of its new chapter in Bermuda.

A spokesperson said, “The IRLA Bermuda chapter will provide a platform for members to network, share best practices and access professional development opportunities in the region. 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.

“IRLA Bermuda will enable the growing legacy sector 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 [Authority or BMA] guidance on Corporate Liabilities. It will 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].

Insurance and Reinsurance Legacy Association IRLA Bermuda Committee Bermuda April 2024

“The chapter will also support IRLA’s global initiatives and events, such as the annual Congress, the Future Leaders Group, and the Academy.

“Bermuda is a major hub for the insurance and reinsurance industry, with a strong regulatory framework, a skilled workforce, and a reputation for innovation. Based on BMA filings and responses provided to IRLA Bermuda; the legacy markets are managing over $30bn of P&C insurance liabilities and employ over 100 jobs in Bermuda.

“The IRLA Bermuda chapter is led by a committee of experienced 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 commented, “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.”

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