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

14 Mar 2024

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.

“We have a long history of our market participants operating across both Lloyd’s and Bermuda, and I am delighted to announce our joint commitment to further strengthen and enhance our combined capabilities. 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.”

Patrick Tiernan, Chief of Markets, Lloyd’s

“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. We look forward to a successful partnership that paves way for greater progress and success of both Lloyd’s and Bermuda markets regarding narrowing protection gaps.”

Craig Swan, Chief Executive Officer, Bermuda Monetary Authority

“The symbiotic relationship between Lloyd’s and the Bermuda market has never been more important to tackle the risk challenges of economies around the world. ABIR and its member companies are proud of their significant capacity and leadership within the Lloyd’s market and look forward to working together to strengthen market innovation and education of the next generation of talent.”

John Huff, President and CEO, Association of Bermuda Insurers

“The LMA is fully supportive of the joint initiative between the Lloyd’s and Bermuda market which ensures we share the knowledge and expertise needed to deliver the products and solutions to meet our members’ needs. Collaboration between brokers, insurers and reinsurers on both innovation and education will help us tackle the risks of the future together.”

Sheila Cameron, Chief Executive Officer, Lloyd’s Market Association

Notes to Editors

Find out more about Lloyd’s Lab
Further details on the academy courses and timing of the Bermuda Lloyd’s Lab cohort will be confirmed in due course

Enquiries to

+44 (0) 20 7327 5111

pressoffice@lloyds.com

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