Global insurance marketplace, Lloyd’s, will collaborate with the Bermuda Monetary Authority (BMA) to develop closer alignment on sharing risk expertise.
The firms aim to foster innovation through the Lloyd’s Lab and improve access to education throughout the Lloyd’s and Bermuda market.
Initial focus will be on the launch of a Lloyd’s Lab reinsurance cohort that specifically utilises the expertise of the Bermuda market in H1 2025.
Through the 10 week fast tracked programme, the firms aim to tackle challenges such as narrowing the protection gap and addressing emerging risks.
Another area of the collaboration is educating and inspiring future professionals in the industry. As part of this, Lloyd’s Academy training programmes will be available to Bermuda market participants both in-person and virtual.
Lloyd’s chief of markets Patrick Tiernan comments: “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.”
Sheila Cameron, chief executive officer at Lloyd’s Market Association, adds: “Collaboration between brokers, insurers and reinsurers on both innovation and education will help us tackle the risks of the future together.”
