BMA and Lloyd's sign cooperation agreement
The Bermuda Monetary Authority and re/insurance marketplace Lloyd's have signed a Memorandum of Understanding aimed at working more closely together on education, innovation and regulatory changes.
The signing, which follows an announcement in March to work more closely together, commits the two parties to "discuss and efficiently navigate regulatory developments, explore opportunities to collaborate with the Lloyd’s Lab programmes, and provide educational training and remote learning programmes for the market through the Lloyd's Academy, both based in Bermuda and across Lloyd’s global network".
Lloyd's is the world's oldest insurance market and calls itself the leading marketplace for re/insurance while Bermuda is regarded as a centre for innovation, with nearly 50% of Lloyd’s syndicates having a presence or parent in Bermuda and Bermuda re/insurers being among Lloyd’s most valuable counterparties, with one third of ceded premiums going to Bermuda.
Through the MoU, Lloyd’s and the BMA will also collaborate to promote and deliver a reinsurance theme for Cohort 14 of the award-winning Lloyd’s Lab Accelerator programme, as well as identify opportunities to work together across the wider offerings within the Lloyd’s Lab ecosystem including the Lab Challenge programme, ICX, Launchpad, Futureminds and the BMA’s regulatory sandbox and innovation hub.
Dawn Miller, chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas said: ‘‘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.”
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.”
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