The Bermuda Monetary Authority (BMA) has agreed to join forces with reinsurance marketplace Lloyd’s to foster innovation and education in the insurance sector and increase alignment on the sharing of risk expertise.
Initially, the collaboration will focus on improving access to educational resources and promoting innovation through initiatives like the Lloyd’s Lab and Bermuda Insurance Sandbox.
The aim is to augment the strategic capabilities of the Lloyd’s and Bermuda markets.
The BMA said the alliance will facilitate the launch of a Lloyd’s Lab reinsurance cohort in the first half of 2025, leveraging the expertise of the Bermuda market.
Professionals from both markets will pool their expertise to address significant global challenges such as closing the protection gap and managing new risks.
The Lloyd’s Lab offers a ten-week fast-track incubator that nurtures innovative ideas into practical solutions with the guidance of industry experts.
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The Bermuda Insurance Sandbox, in conjunction with Lloyd’s Lab, serves as a platform for testing new insurance concepts, ultimately leading to more effective and customer-focused insurance products.
BMA CEO Craig Swan said: “The BMA is 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 resilient, robust and dynamic insurance markets that will continue to serve global communities.
“We look forward to a successful partnership that paves the way for greater progress and success in both the Lloyd’s and Bermuda markets regarding narrowing protection gaps.”
Additionally, the collaboration aims to educate and inspire the next generation of industry professionals by providing access to the resources of the BMA, Lloyd’s and other industry entities.
The Association of Bermuda Insurers and Reinsurers will also participate, offering educational and mentorship opportunities.
Meanwhile, last year, the BMA, along with White Rock Insurance, were in the news for seeking maximum recovery for reinsurance companies hit by the alleged fraud involving Vesttoo related segregated accounts.
