Lloyd’s to collaborate with Bermuda Monetary Authority to foster innovation and education access

Lloyd's, the world's leading marketplace for insurance and reinsurance, along with the Bermuda Monetary Authority (BMA), have committed to jointly developing an initiative for closer collaboration and alignment on sharing risk expertise between the world's two major (re)insurance hubs. The focus will be on fostering innovation through the Lloyd's Lab and improving access to education throughout the Lloyd's and Bermuda market with support from the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd's Market Association (LMA).

Speaking at the Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA) in Hamilton, Lloyd's Chief of Markets, Patrick Tiernan, confirmed the commitment to enhance and strengthen the strategic capability within the Lloyd's and Bermuda markets.

The initial collaboration on innovation will support the launch of a Lloyd's Lab reinsurance cohort that specifically utilises the expertise of the Bermuda market in H1 2025. This will leverage the skills and talent in Bermuda - supported by the Lab's unique approach to fostering global innovation - to help tackle some of the world's biggest challenges, including narrowing the protection gap and addressing emerging risks.

The Lloyd's Lab programme provides a 10 week fast tracked incubator to enable an environment where great ideas can develop into practical outcomes, with the support of industry experts. The programme sees experienced individuals and teams bring forward creative and entrepreneurial thinking, enabling the creation of ground-breaking solutions and advancements in insurance.

Another area of the collaboration is educating and inspiring future professionals in the industry, centred around training and improving access to both Lloyd's, the Association of Bermuda Insurers and Reinsurers (ABIR), and the BMA's extensive resources.

As part of this, Lloyd's Academy training programmes will be available to Bermuda market participants both in-person and virtual. In addition, Lloyd's will partner with Bermuda based experts to roll out a suite of Bermuda market courses and leverage the existing educational offerings of ABIR with Bermuda College.