Lloyd's and the Bermuda Monetary Authority (BMA) are developing an initiative for closer collaboration on sharing risk expertise.
Lloyd's has said the focus for the initiative 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).
Initially, Lloyd’s Lab is launching a reinsurance cohort that specifically utilises the expertise of the Bermuda market in H1 2025.
Another area of the collaboration is centred around training and improving access to Lloyd’s, ABIR and the BMA’s extensive resources.
Subsequently, Lloyd’s Academy training programmes will be available to Bermuda market participants in-person and virtually, and 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.
Chief of markets at Lloyd’s, Patrick Tiernan, said: “This partnership presents a truly exciting opportunity to bind together the two markets to deliver the best possible solutions for our customers and make meaningful, innovative progress together.”
Craig Swan, CEO at the BMA, said: “We are excited to collaborate with Lloyd’s in our shared commitment to enabling innovation and excellence in the insurance industry. By working together, we aim to create more robust and dynamic insurance markets that will continue to serve global communities.
"This partnership marks a significant milestone in our efforts to foster collaboration, enhance regulatory and market capabilities and deliver practical solutions that address evolving needs of people and markets.”