Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced that applications for Cohort 14 of the Lloyd’s Lab’s award-winning flagship Accelerator programme are open with its first ever focus on Bermuda-based solutions
Introducing the theme of ‘Shaping the future of Reinsurance in Bermuda’ solidifies Lloyd’s ongoing commitment to closely collaborating and sharing risk expertise between the world’s two major insurance and reinsurance hubs of London and Bermuda.
Following Lloyd’s signing of a Memorandum of Understanding (MOU) with the Bermuda Monetary Authority (BMA) earlier this year, the introduction of this theme aims to drive innovation explore solutions across four different challenge areas: Reinsurance and ILS (Partner Capital), Climate and Catastrophe Solutions, Emerging Threats and Man-made Risks, and Sustainable Insurance Models.
During the 10-week accelerator, selected InsurTechs will gain access to expert mentors and subject-matter experts from across the Lloyd’s market and gain exposure to potential future trading partners and investors. In line with the commitments set out by Lloyd’s and the BMA, participants will also have Bermuda-based mentors.
Bermuda and Lloyd’s interconnectedness was emphasised during a recent visit by the Premier of Bermuda, David Burt - accompanied by a government delegation and representatives from the Association of Bermuda Insurers and Reinsurers (ABIR) - to Lloyd’s London headquarters. The delegation was hosted by Lloyd’s CEO John Neal and continued the dialogue on scaling innovation and collaboration within the insurance industry to better withstand current and emerging societal risks across the globe.