Lloyd's and BMA spark initiative to drive innovation and education access

The Lloyd’s insurance and reinsurance market and the Bermuda Monetary Authority (BMA) have committed to developing an initiative that will reportedly drive closer collaboration and alignment on sharing risk expertise between the two major (re)insurance hubs.

Lloyd’s stated that the focus of this initiative will be on fostering innovation through the Lloyd’s Lab and improving access to education throughout the Lloyd’s and Bermuda markets.

The endeavour will additionally receive support from the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd’s Market Association (LMA).

“The initial collaboration on innovation will support the launch of a Lloyd’s Lab reinsurance cohort that specifically utilises the expertise of the Bermuda market in H1 2025,” Lloyd’s observed.

Lloyd’s continued, “This will leverage the skills and talent in Bermuda – supported by the Lab’s unique approach to fostering global innovation – to help tackle some of the world’s biggest challenges, including narrowing the protection gap and addressing emerging risks.”

Another aspect of the collaboration involves the education and motivation of aspiring professionals within the industry.

The initiative focuses on enhancing training opportunities and broadening access to the wealth of resources provided by Lloyd’s, the Association of Bermuda Insurers and Reinsurers (ABIR), and the BMA.

“As part of this, Lloyd’s Academy training programmes will be available to Bermuda market participants both in-person and virtual. In addition, Lloyd’s will partner with Bermuda-based experts to roll out a suite of Bermuda market courses and leverage the existing educational offerings of ABIR with Bermuda College,” Lloyd’s explained.

Patrick Tiernan, Chief of Markets, Lloyd’s commented on the development, “We have a long history of our market participants operating across both Lloyd’s and Bermuda, and I am delighted to announce our joint commitment to further strengthen and enhance our combined capabilities.

“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.”

Craig Swan, Chief Executive Officer, Bermuda Monetary Authority, said, “We are 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 more robust and dynamic insurance markets that will continue to serve global communities. This partnership marks a significant milestone in our efforts to foster collaboration, enhance regulatory and market capabilities and deliver practical solutions that address the evolving needs of people and markets.

“We look forward to a successful partnership that paves the way for greater progress and success of both Lloyd’s and Bermuda markets regarding narrowing protection gaps.”

John Huff, President and CEO, Association of Bermuda Insurers, added, “The symbiotic relationship between Lloyd’s and the Bermuda market has never been more important to tackle the risk challenges of economies around the world.

“ABIR and its member companies are proud of their significant capacity and leadership within the Lloyd’s market and look forward to working together to strengthen market innovation and education of the next generation of talent.”

Sheila Cameron, Chief Executive Officer, Lloyd’s Market Association, noted, “The LMA is fully supportive of the joint initiative between the Lloyd’s and Bermuda market which ensures we share the knowledge and expertise needed to deliver the products and solutions to meet our members’ needs.

“Collaboration between brokers, insurers and reinsurers on both innovation and education will help us tackle the risks of the future together.”