Lloyd’s and Ireland’s Department for Finance announce strategic collaboration to drive insurtech innovation

30 Sep 2025

Lloyd’s, the world’s leading insurance and reinsurance market for global risk, and Ireland’s Department of Finance today announced a new strategic partnership to foster insurtech innovation and promote Irish expertise on a global stage. The collaboration will see the creation of a dedicated Irish-themed cohort within the globally recognised Lloyd’s Lab Accelerator Programme in the first half of 2026.

Established in 2018 with the Accelerator as its core programme, the Lloyd’s Lab is a launchpad for scalable innovation, connecting forward-thinking companies with market experts to co-develop solutions that shape the future of insurance.

A Statement of Intent, signed by both parties, sets out a shared ambition to deepen cooperation, and provide technical assistance to support innovation and growth in the Irish insurance sector. This partnership highlights a mutual commitment to advancing insurance solutions and showcasing Irish talent internationally.

Ireland is one of Lloyd’s largest European markets, with Gross Signed Premium reaching 661 million euros in 2024. Building on this strong foundation, Lloyd’s and Ireland’s Department for Finance will jointly promote the new programme, share expertise, and provide technical support to ensure the success of the Irish-themed cohort.

The collaboration will include a dedicated Irish theme within upcoming Lloyd’s Lab cohort 16 due to take place in H1 of 2026 – one of three strategic themes selected for each cohort - with sub-themes focused on flood risk, cyber, artificial intelligence and enabling the economy through supporting export finance.  The initiative is designed to deliver commercially viable solutions that strengthen market resilience, unlock new premium, and support the evolution of insurance products across both the Irish and global markets.

“We’re proud to partner with Ireland’s Department of Finance to dedicate a future Lloyd’s Lab cohort to Irish innovation. The Lloyd’s Lab sits at the centre of insurance innovation, helping market participants turn emerging risks into actionable solutions. This initiative will not only spotlight Ireland’s exceptional insurtech talent but also strengthen the global connections that make our market so unique. Together, we’re creating a platform for commercially viable ideas that can enhance resilience, unlock new premium, and shape the future of insurance—both in Ireland and around the world."
Patrick Tiernan, Chief Executive Officer, Lloyd's
“The decision to bring part of the Lloyd’s Lab programme to Ireland is a strong vote of confidence in our financial services ecosystem. It builds on our strengths as a leading international hub for insurance and financial services, and it aligns directly with the objectives of the Ireland for Finance strategy. This initiative will showcase Ireland’s skilled workforce, regulatory strength, and innovative culture to the global market, while offering Irish firms’ unique opportunities to engage with the Lloyd’s community worldwide.”
Paschal Donohoe TD, Ireland’s Minister for Finance
“Hosting a Lloyd’s innovation programme is an exciting development for Ireland’s insurance sector. The Lloyds Lab Accelerator Programme is globally recognised for developing solutions to the risks of the future, and its presence in Ireland reinforces our commitment to continuous reform and to our financial services industry. The Government’s Action Plan for Insurance Reform 2025–2029 places innovation, transparency, and resilience at its core, ensuring Ireland remains competitive, open to new entrants, and trusted by international investors. This collaboration with Lloyd’s will further deliver on those priorities.”
Robert Troy TD, the Minister of State at Department of Finance with special responsibility for Financial Services, Insurance and Credit Unions

The call for applications will open on 10 December 2025.

Notes to Editors:

  • Lloyd's Lab has supported 150+ transformative solutions to gain traction in the Lloyd’s market  
  • $600 million Lloyd’s premium has been written by Lloyd’s Lab Accelerator graduates who have become Lloyd’s coverholders 
  • 85% of Accelerator graduates hold commercial relationships with the Lloyd’s market  
  • Trained over 250 professionals from 50 market companies in product development 
  • Established the Innovation Class of Business (ICX), a dedicated underwriting capacity, equating to £2.5 billion in 2024, specifically designed to help syndicates test and scale new insurance products without impacting their core business performance. 
  • Ranked #1 Finance start-up hub in the UK and the top insurance-focused start up hub, out of 3,000 hubs across Europe (verified by the Financial Times)


Enquiries to: 

UK: pressoffice@lloyds.com

About Lloyd’s Lab

The Lloyd’s Lab is Lloyd’s innovation accelerator, helping market participants turn emerging risks into commercial opportunities. Since its launch in 2018, over 150 start-ups have graduated from the programme, collectively securing more than £1.3 billion in investment.

Irish-founded alumni include Kayna, Describe Data, and Circuit, whose founders have gone on to build insurtech solutions in Ireland and the United States.

The Lab has become a vital bridge between venture capital and insurance—connecting bold ideas with Lloyd’s global risk capital. Success stories include parametric flood insurance that pays out in hours, AI tools for fraud detection, and climate modelling platforms now used across the market.

Find out more about the Lab

About Lloyd’s

Lloyd’s is the world’s leading insurance and reinsurance market for global risk. Through the collective intelligence and expertise of the network’s underwriters and brokers, we connect risk to capital, provide global access to trading partners across borders, and innovative solutions that protect societies and businesses worldwide.

The Lloyd’s market is made up of over 50 leading insurance companies, more than 400 registered brokers and a global network of over 2,900 local coverholders. That reach is extended by the global licenses and regulatory permissions we hold, which enable customers to access insurance solutions in 80 countries, reinsurance solutions in 100 countries and offshore reinsurance in over 200 territories.

In 2024, the Lloyd’s market underwrote £55.5bn in insurance premiums, backed by over £100bn of centrally held capital. It underwrites risk spread by syndication and its financial strength is amplified by a strong balance sheet, excellent credit ratings, and a chain of security.

Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.