The Insurance and Reinsurance Legacy Association has launched a Bermuda chapter.

The international trade association for the legacy insurance and reinsurance sector said the 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 $30 billion legacy sector in Bermuda, foster collaboration and communication among its members and stakeholders, and speak with one voice.

The organisation said: “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 guidance on corporate liabilities.

“It will facilitate open and regular engagement with the BMA through a programme of meetings, replicating IRLA’s long-established approach and dialogue with the UK’s Prudential Regulation Authority.

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

It added: “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 $30 billion of P&C insurance liabilities and employ over 100 jobs in Bermuda.”

The chapter will be led by a committee that includes representatives from Enstar Group, RiverStone International, Compre Group, R&Q Insurance Holdings and BMS Group.

Sarah Ruberry, IRLA Bermuda committee chairwoman 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 [insurance and reinsurance] 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.”

IRLA represents more than 120 member-companies from 16 jurisdictions.