The Association of Bermuda Insurers and Reinsurers has signed an agreement with the Association of British Insurers to work together on “matters of mutual interest”.

Abir said the memorandum of understanding built on the existing relationship between the two organisations.

Six areas have been targeted under the MoU. They are: climate change; cyber-risks; diversity, equity and inclusion; “wider insurance and reinsurance matters”; domestic regulation of respective markets; and taxation.

Under the agreement, a certain degree of co-ordination between the two organisations in envisioned. They may also work together on research projects of mutual interest and executive exchanges between the two are a possibility.

“Abir and our member companies welcome the signing of this MoU, which sets out ways in which our markets can be stronger by working together,” said Pina Albo, chair of Abir and chief executive of Hamilton Insurance Group.

ABI director general Hannah Gurga added: “Our longstanding relationship with Abir is something the ABI deeply values and I’m delighted to be cementing this with our memorandum of understanding.”

Abir said that Bermuda insurers and reinsurers provided 44 per cent of the capacity in the Lloyd’s of London market and 32 per cent of the reinsurance capacity for Pool Re, the British government-backed terrorism reinsurer.