The rivalry between Bermuda and Lloyd’s of London is completely “overblown”, says a Lloyd’s representative.At the RIMS conference in Philadelphia, the Lloyd’s executive said that, rather than having a adverse relationship, the two jurisdictions have a symbiotic one.“There’s always been an argument that Bermuda and London are rivals and the fact is, that’s not true,” said Anthony Joseph, Lloyd’s regional director of Western US, who said he has been a friend of Premier Cox and her brother, BMA CEO Jeremy Cox, for more than ten years.“We do a lot of business both ways. Without we couldn’t exist and visa versa. They do a lot of reinsurance for us as we do for Bermuda.”Premier Cox visited the Lloyd’s booth to chat on her annual walkabout of the conference exhibition.“We’re very interconnected,” Mr Joseph added about London and Bermuda. “Our relationship is very complementary. We are compete against each other and that’s just part of the game but everybody knows that the rivalry is totally overblown.”He added that “a huge number of companies down there have Lloyd’s syndicates,” including Validus, Ace and XL.The buzz around the Lloyd’s booth at the conference was a copy of the original insurance placement slip for the doomed ocean liner, Titanic and her sister-ship Olympic. Last week marked the 100th anniversary of the Titanic disaster.The coverage was for 12 months on hull and machinery, valued at £1 million. The premium of “15 shillings (75p) per cent, no discount”, was particularly low and amounted to £7,500 per ship. Within three days the slip was complete with some 12 companies and 50 Lloyd’s syndicates participating.Insurance brokers Willis placed over half the risk.Mr Joseph said that Marsh brought over to his booth the original insurance slip for the RMSCarpathia, which made her maiden voyage in 1903 and became famous for rescuing the survivors of the Titanic.The Royal Gazette is onsite for the annual RIMS conference. Follow us on Twitter, Facebook and our website for more information.