Lloyd’s, BMA formalise innovation and education collaboration

Lloyd’s, BMA formalise innovation and education collaboration | Insurance Business Australia

Insurance News

Lloyd’s, BMA formalise innovation and education collaboration

Tie-up sealed with signing of Memorandum of Understanding

Insurance News

By
Terry Gangcuangco

Insurance marketplace Lloyd’s has signed a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA), formalising their cooperative approach to navigating regulatory changes, leveraging opportunities within Lloyd’s Lab programmes, and enhancing educational initiatives.

Part of the tie-up is the promotion of a reinsurance theme for Cohort 14 of the acclaimed Lloyd’s Lab Accelerator programme. More broadly, among the goals is to identify collaborative opportunities across various Lloyd’s Lab initiatives, including the Lab Challenge programme, ICX, Launchpad, Futureminds, and the BMA’s regulatory sandbox and innovation hub.

“I’m thrilled to be in Bermuda for the signing of this agreement, which 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,” Lloyd’s chief commercial officer and Americas chief executive Dawn Miller said.

“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.”

BMA CEO Craig Swan, meanwhile, remarked on the significance of the MoU: “The BMA is pleased to announce that we will continue our shared commitment to driving innovation and excellence in the insurance industry.

“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. 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.”

When the initiative was first announced in March, Swan stated: “We look forward to a successful partnership that paves way for greater progress and success of both Lloyd’s and Bermuda markets regarding narrowing protection gaps.”

What do you think about this story? Share your thoughts in the comments below.