Lloyd’s has signed a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA) to collaborate on supporting, developing, and sharing knowledge and expertise in the international insurance market.
This partnership involves joint discussions and efficient navigation of regulatory developments, collaboration with Lloyd’s Lab programs, and provision of educational training and remote learning through the Lloyd’s Academy, both in Bermuda and globally.
This agreement 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
Dawn Miller, Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas
“This joint agreement will ensure we share the knowledge and expertise needed to deliver the products and solutions to tackle our customer’s challenges and support the growth ambitions of our markets in the years to come”, Dawn Miller says.
The MoU also focuses on promoting and delivering a reinsurance theme for Cohort 14 of the Lloyd’s Lab Accelerator program. Additionally, it seeks to identify collaborative opportunities within the broader Lloyd’s Lab ecosystem, including the Lab Challenge program, ICX, Launchpad, Futureminds, and the BMA’s regulatory sandbox and innovation hub.
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
Craig Swan, CEO of the Bermuda Monetary Authority
“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.”
Lloyd’s is the world’s leading marketplace for insurance and reinsurance. Through the collective intelligence and expertise of the market’s underwriters and brokers, market sharing risk to create a braver world.
The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.
