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  • ABIR Statement on Brexit

    Press Releases | 06.24.2016

    ABIR Statement
    For Immediate Release
    Contact: Brad Kading | @ABIR_Bermuda

    ABIR Statement on Brexit

    Hamilton, Bermuda (June 24, 2016) – The Association of Bermuda Insurers and Reinsurers (ABIR) today released the following statement on the United Kingdom (UK) referendum to leave the European Union (EU).
    “Bermuda’s Solvency 2 equivalence finding by the European Union will serve us well as the UK negotiates its multi-year transition out of the EU. The Bermuda equivalency is unaffected by the UK vote. ABIR has excellent relationships with both UK and EU policymakers and regulators. ABIR members provide vital insurance capacity that makes UK and EU insurance markets more competitive. ABIR members will be reviewing corporate structures to determine what changes in their regulatory footprints may be necessary in order to conform with expected changes in European regulatory governance. Meanwhile we encourage the Bermuda government and the Bermuda Monetary Authority (BMA) to continue their wise investment in bilateral relationships that lead to important legal agreements on tax cooperation and transparency; and recognition of robust BMA regulation that is in compliance with international standards. These essential actions are necessary to ensure we retain level playing field access to the world’s markets.”

    Bradley L. Kading
    President and Executive Director

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    About ABIR: The Association of Bermuda Insurers and Reinsurers (ABIR) represents Bermuda’s major property and casualty insurers and reinsurers. Bermuda is the center of global expertise on underwriting for catastrophe risk transfer products and other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.