Lloyd’s has signed a memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA) with the goal of supporting and sharing knowledge and expertise across the international insurance market.
Both parties will work together to navigate regulatory developments, collaborate on Lloyd's Lab programmes, and provide educational and remote learning through the Lloyd's Academy in Bermuda and globally.
Through the MoU, Lloyd’s will partner with the BMA to promote and deliver a reinsurance theme for Cohort 14 of Lloyd’s Lab Accelerator programme, as well as explore opportunities to collaborate across the wider offerings within the Lloyd’s Lab ecosystem, including the Lab Challenge programme, ICX, Launchpad, Futureminds and the BMA’s regulatory sandbox and innovation hub.
Dawn Miller, chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas, says: ‘‘I’m thrilled to be in Bermuda today for the signing of this agreement, which further strengthens our commitment made in March to closely collaborate and align on sharing risk expertise between the world’s two major insurance and reinsurance hubs.
“This joint agreement will ensure we share the knowledge and expertise needed to deliver the products and solutions to tackle our customers’ challenges and support the growth ambitions of our markets in the years to come.”
Craig Swan, CEO of the BMA, states: "This MoU highlights the importance of building regulatory relationships between international markets that foster best practices and strengthen risk-based approaches to tackling global challenges.
“Through this joint agreement, the BMA and Lloyd’s establish an environment where education, collaboration and training play a critical role in helping to shape the future of the financial services industry.”
