Nation's legacy market manages over $30 billion in liabilities
The Insurance and Reinsurance Legacy Association (IRLA) has officially unveiled its Bermuda chapter, with this new branch aiming to serve as a central hub for industry professionals to network, exchange best practices, and access developmental resources within the region.
Additionally, it seeks to advocate for the legacy sector’s interests in Bermuda, enhancing collaboration and ensuring a unified sector voice.
According to the association, the Bermuda chapter is set to play a crucial role in monitoring and reacting to regional regulatory or legislative changes impacting the legacy business. This includes a proactive response to the Bermuda Monetary Authority’s (BMA) recent guidance on Corporate Liabilities.
The chapter also plans to maintain a consistent and open dialogue with the BMA, mirroring IRLA’s established interaction with the UK’s Prudential Regulation Authority (PRA).
In addition, the Bermuda chapter will contribute to IRLA’s international efforts and events, including its annual congress, the future leaders group, and educational programs through the academy.
IRLA’s expansion to Bermuda is notable, with the nation standing out as a key player in the global insurance and reinsurance market. According to BMA filings and information shared with IRLA Bermuda, the legacy market in Bermuda oversees more than $30 billion in property and casualty insurance liabilities and provides over 100 jobs locally.
The leadership team of IRLA Bermuda consists of seasoned professionals from the legacy market, featuring members from Enstar Group, RiverStone International, Compre Group, R&Q Insurance Holdings, and BMS Group.
Sarah Ruberry (pictured above, middle), the chair of IRLA Bermuda committee and chief compliance officer at Enstar Group, expressed enthusiasm about the chapter’s launch.
“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,” Ruberry said.
With over 120 member companies across 16 jurisdictions, IRLA serves as a platform for legacy sector professionals to share insights, foster sector advancement, and enjoy various educational and social engagements.
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