Lloyd’s and Bermuda partner on sharing risk expertise
Lloyd’s and the Bermuda Monetary Authority (BMA) have entered into a new partnership to improve collaboration and alignment on “sharing risk expertise”. It will leverage Bermuda’s skills and talent to tackle some of the world’s biggest challenges, including narrowing the protection gap and addressing emerging risks.
The re/insurance hubs will focus on fostering innovation through the Lloyd’s Lab innovation hub and accelerator programme. It will also seek to boost access to education throughout the Lloyd’s and Bermuda markets with support from the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd’s Market Association (LMA).
Lloyd’s chief of markets Patrick Tiernan announced the partnership at the Bermuda Risk Summit in Hamilton. “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,” he said.
“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.”
The initial collaboration will support the launch of a Lloyd’s Lab reinsurance cohort in the first half of 2025 specifically utilising the expertise of the Bermuda market. This will leverage Bermuda’s skills and talent to tackle some of the world’s biggest challenges, including narrowing the protection gap and addressing emerging risks.
The lab programme provides a ten-week, fast-tracked incubator to develop great ideas into practical outcomes. It sees experienced individuals and teams bring forward creative and entrepreneurial thinking to create ground-breaking solutions and advancements in insurance.
On education, the initiative will focus on improving access to both Lloyd’s, the Association of Bermuda Insurers and Reinsurers (ABIR), and the BMA’s extensive training resources. As part of this, Lloyd’s Academy training programmes will be available to Bermuda market participants both in person and virtually. Lloyd’s will also partner with Bermuda-based experts to roll out a suite of Bermuda market courses and leverage existing educational offerings from ABIR and Bermuda College.
“We are excited to collaborate with Lloyd’s in our shared commitment to enabling innovation and excellence in the insurance industry,” said Craig Swan, chief executive officer of the Bermuda Monetary Authority.
“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 evolving needs of people and markets.”
John Huff, ABIR president and CEO, 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.
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