Lloyd’s along with the Bermuda Monetary Authority, have committed to jointly developing an initiative for closer collaboration and alignment on sharing risk expertise between the world’s two major reinsurance hubs.
The focus will be on fostering innovation through the Lloyd’s Lab and improving access to education throughout the Lloyd’s and Bermuda market with support from the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd’s Market Association.
Speaking at the Bermuda Risk Summit, presented by the Bermuda Business Development Agency in Hamilton, Lloyd’s Chief of Markets, Patrick Tiernan, confirmed the commitment to enhance and strengthen the strategic capability within the Lloyd’s and Bermuda markets.
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
Patrick Tiernan, Chief of Markets, Lloyd’s
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 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.
This initiative will utilize Bermuda’s skilled workforce and the Lab’s innovative approach to address significant global issues, such as closing the protection gap and managing new risks.
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
John Huff, President and CEO, Association of Bermuda Insurers
The Lloyd’s Lab program offers a 10-week accelerated incubation period, creating an environment that transforms new ideas into guidance from industry experts.
The program attracts seasoned individuals and teams who introduce inventive and entrepreneurial strategies, leading to the development of innovative solutions and progress in the insurance sector.
An additional focus of this collaboration involves educating and motivating the next generation of industry professionals. This effort revolves around providing training and enhancing access to the resources offered by Lloyd’s, the Association of Bermuda Insurers and Reinsurers, and the Bermuda Monetary Authority.
Lloyd’s Academy will make its training programs available to market participants in Bermuda through both in-person and online platforms.
Lloyd’s plans to collaborate with Bermuda-based experts to introduce a range of courses tailored to the Bermuda market and to integrate ABIR’s educational programs with those offered by Bermuda College.
Reinsurance marketplace Lloyd’s announced its financial performance for 2023 year, alongside guidance for the full-year 2024 expectations, according to Beinsure Media.
Lloyd’s gross written premium increased of 11.6%, reaching £52.1 bn, up from £46.7 bn in FY 2022. This rise consists of 4% organic growth and a 7% change in pricing.
The marketplace’s combined ratio experienced a 7.9% improvement compared to the previous year, settling at 84% (down from 91.9% in FY 2022).
by Yana Keller
