Hamilton, Bermuda (January 17, 2017) – Today the Bermuda Monetary Authority (BMA) concluded a Memorandum of Understanding (MOU) with the European Insurance and Occupational Pensions Authority (EIOPA). “The Association of Bermuda Insurers and Reinsurers (ABIR) congratulates both EIOPA and the BMA on reaching this significant milestone,” commented Leila Madeiros, ABIR Senior Vice President, Deputy Director and Corporate Secretary.

“The MOU sets out a roadmap to engage with each other and assists in setting out expectations on supervisory cooperation. ABIR sees this agreement as a natural progression of Bermuda as a recognized equivalent jurisdiction under Solvency II and a necessary mechanism to ensure an avenue for engagement with the European Union’s insurance regulatory governing body. ABIR views this as both critical for the ongoing implementation of Solvency II especially with respect to group supervision and the future review of certain key aspects of the Solvency II regime.”

The joint BMA/EIOPA press release can be found here.

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About ABIR: ABIR represents the public-policy interests of Bermuda’s international property and casualty insurers and reinsurers that protect consumers around the world. With headquarters and operations in Bermuda and with operating subsidiaries in the United States and Europe, these carriers do business in more than 150 countries. ABIR members employ nearly 44,500 people around the globe, including more than 19,000 employees in the US, over 1,500 in Bermuda, more than 9,800 in Europe, and nearly 8,200 in Asia and Oceana.