Skip to main content

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

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

About Lloyd's

Lloyd's is the world’s leading marketplace for insurance and reinsurance. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.