Through signing this MoU, both parties will discuss and efficiently navigate regulatory developments. Additionally, they will explore opportunities to collaborate with the Lloyd’s Lab programmes. They will also provide educational training and remote learning programmes for the market through the Lloyd’s Academy based in Bermuda and across Lloyds’ global network
The MoU will also offer Lloyd’s and the BMA the chance to collaborate to promote and deliver a reinsurance theme for Cohort 14 of the Lloyd’s Lab Accelerator programme. They will also identify opportunities to work together across the wider offerings within the Lloyd’s Lab ecosystem. This includes the Lab Challenge programme, ICX, Launchpad, Futureminds, and the BMA’s regulatory sandbox and innovation hub.
Dawn Miller, who was recently appointed Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas commented: ‘‘I’m thrilled to be in Bermuda today 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.”
“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.” Miller added.
Craig Swan, CEO of the Bermuda Monetary Authority said: “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.”
