Lloyd’s has announced a major collaboration with the Bermuda Monetary Authority (BMA) to enhance both the hubs’ re/insurance and risk sharing expertise.
Both international organizations have pledged to enhance their partnership, with the aim of spurring innovation through the Lloyd’s Lab and broadening educational opportunities across both the Lloyd’s and Bermuda markets.
The partnership also has the backing of the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd’s Market Association (LMA).
A key component involves a Lloyd’s Lab reinsurance cohort in the first half of 2025, designed to tap into Bermuda’s market expertise.
The Lloyd’s Lab program acts as a 10-week accelerator, offering a platform for the development of solutions with the guidance of industry specialists. Additionally, the collaboration aims to educate and inspire the next generation of industry professionals by enhancing training and access to resources from Lloyd’s, ABIR, and the BMA.
The Lloyd’s Academy training programs will be made available to those in the Bermuda market through both in-person and virtual formats. Moreover, Lloyd’s plans to collaborate with Bermuda-based experts to introduce a range of courses specific to the Bermuda market and to integrate ABIR’s educational initiatives with Bermuda College.
Energising opening session of the 2024 Bermuda Risk Summit, presented by @investBermuda with Arch CEO Marc Grandisson to a capacity crowd.
— Premier David Burt (@BermudaPremier) March 13, 2024
We discussed Bermuda’s leadership in risk management, our innovative culture, and our plans to implement the new corporate income tax regime… pic.twitter.com/VUpHlIezty
The collaboration was made public at the Bermuda Risk Summit in Hamilton by Lloyd’s chief of markets, Patrick Tiernan, who expressed enthusiasm about the strengthened partnership.
“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.”
Craig Swan, CEO of the Bermuda Monetary Authority, echoed this sentiment, highlighting the mutual dedication to fostering innovation and excellence in the insurance industry.
“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. 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,” Swan said.
John Huff, president and CEO of ABIR, also emphasized the critical nature of the Lloyd’s and Bermuda market relationship in addressing global risk challenges.
“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,” Huff said.
Finally, Sheila Cameron, CEO of the Lloyd’s Market Association, also voiced support for the joint initiative, underscoring the importance of shared knowledge and expertise in developing solutions to meet member needs.
“Collaboration between brokers, insurers, and reinsurers on both innovation and education will help us tackle the risks of the future together,” Cameron said.
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