Lloyd's and Bermuda Monetary Authority Partner To Boost Innovation, Education

Lloyd's and the Bermuda Monetary Authority (BMA) have announced the signing of a Memorandum of Understanding (MoU) to enhance collaboration, innovation, and educational opportunities within the global insurance and reinsurance markets.

This agreement marks a significant step toward fostering regulatory cooperation, knowledge sharing, and the development of industry expertise. Under the terms of the MoU, Lloyd's and the BMA will work together to address regulatory changes, collaborate on Lloyd's Lab programs, and provide educational and remote learning initiatives through the Lloyd's Academy, which serves both Bermuda and Lloyd's global network.

A key aspect of this partnership is the promotion of a reinsurance theme for Cohort 14 of the Lloyd's Lab Accelerator program. The MoU also identifies opportunities for collaboration across other Lloyd's Lab initiatives, including the Lab Challenge program, 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, said, "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."

"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," said Craig Swan, CEO of the BMA.