Insurance and reinsurance marketplace Lloyd’s has formalised a partnership with the Bermuda Monetary Authority (BMA) through a memorandum of understanding (MOU).  

This agreement is aimed at fostering innovation and broadening access to educational resources within the international insurance industry. 

It stablishes a framework for collaboration, with both entities set to engage in discussions around regulatory developments and participate in joint initiatives, including the Lloyd’s Lab programmes.  

The partnership seeks to leverage shared knowledge and expertise to benefit the insurance market on a global scale. 

As part of the agreement, Lloyd’s and the BMA will offer training and remote learning opportunities through the Lloyd’s Academy.  

These educational programmes are designed to be accessible not only in Bermuda but also throughout Lloyd’s international network. 

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This collaboration extends to the development of a reinsurance-focused curriculum for the 14th cohort of the Lloyd’s Lab Accelerator programme.  

Additionally, the partnership will explore collaborative prospects within the broader Lloyd’s Lab ecosystem, which includes initiatives such as the Lab Challenge programme, ICX, Launchpad, and Futureminds, alongside the BMA’s regulatory sandbox and innovation hub. 

In recent developments, Lloyd’s appointed Dawn Miller as the chief commercial officer (CCO) of Lloyd’s and CEO of Lloyd’s Americas.  

Miller is set to begin her tenure on 1 September 2024 from her base in New York. 

Earlier this year, Lloyd’s also entered a collaboration with the UN Capital Development Fund and the Sustainable Markets Initiative’s Insurance Task Force.  

This alliance is focused on delivering educational workshops in Papua New Guinea and Fiji, aimed at enhancing the understanding and application of parametric insurance among insurers, reinsurers, and central banks in the Pacific Island nations.