Lloyd’s Lab Bermuda challenge areas announced

Successful applicants to Cohort 14 of Lloyd's Lab Accelerator Programme will be able to develop Bermuda-focused solutions under four challenge areas - reinsurance and ILS (partner capital), climate and catastrophe solutions, emerging threats and man-made risks, and sustainable insurance models.

Applications for the cohorts close on February 9 for the first collaboration between the Bermuda Monetary Authority after signing a memorandum of understanding earlier this year. 

Lloyd’s Lab Cohort 14 will feature Bermuda-focused solutions under the theme 'Shaping the Future of Reinsurance in Bermuda'.

A notice from the Bermuda Monetary Authority said applications can be submitted here and can include innovative solutions to address any of the following themes: 

Reinsurance and ILS (Partner Capital): Technological advancements to support new products and increase the volume and efficiency of ILS capital's access to the reinsurance market. This could include innovations focused on growing Partner Capital through the pricing of complex and long-tail risks and the development of innovative loss triggers and structures or processes to efficiently recycle and optimise deployed capital without compromising policyholder protection.

Climate and Catastrophe Solutions: Solutions that are helping to advance property catastrophe reinsurance through new modelling products to predict and respond to natural disasters, improved catastrophe models and enhanced loss forecasting. 

Emerging Threats and Man-Made Risks: Offerings that focus on better assessing, managing and covering man-made risks, including those arising from geopolitical uncertainty, cyber events and other non-climate related threats. This could also include new reinsurance products or enhanced 

Sustainable Insurance Models: Products and tools that encourage, facilitate, support or measure industry efforts to move towards net zero, as well as enabling the insurance sector’s ability to contribute towards climate adaptation and resilience. This may include parametric solutions for renewable energy risks, risk transfer solutions to support the growing carbon economy, or incentives for sustainable infrastructure investments. 

According to the notice, each company will be scored against three criteria: Team, Product and Programme. The scoring guidance is here. 

The notice said that during the intensive 10-week programme, the selected innovating teams will have the option to spend some of their time developing their proof of concept from Bermuda, leveraging the resources and network of the BMA and the broader Bermuda market. 

While the Authority will provide a working space and facilitate Bermuda-based mentor discussions and regulatory support, participants will be responsible for their own living expenses and accommodations. 

The BMA is also inviting industry leaders, subject matter experts, and entrepreneurs in Bermuda to serve as mentors for Lloyd’s Lab Cohort 14. Mentors will be critical in guiding participating teams by sharing insights, expertise, and practical experience, fostering the next generation of InsurTech innovation. 

Interested mentors can express their interest by contacting George Alayon (pictured), Deputy Director for Supervision (FinTech) galayon@bma.bm. Mentorship offers a unique opportunity to contribute to Bermuda’s innovation landscape while networking with global leaders in the insurance and technology sectors. 

The Lloyd’s Lab will host 2 Virtual Open House events to cover all time zones. They will be hosted on Tuesday, 7 January 2025, from 4 pm – 5 pm Greenwich Mean Time (GMT) and Tuesday, 21 January 2025, from 9 am – 10 am GMT. 

The Open House is an opportunity for applicants to meet the Lloyd’s Lab team as well as members of the Lloyd’s market, to see how the Lloyd’s Lab programme can benefit your company. Please sign up here. 

Key Dates: 

Applications close: Sunday, 9 February 2025 

Applicants will be told if they have got through to Pitch Day: by Monday, 3 March 2025 

Pitch Day: Tuesday, 25 March 2025 

Programme starts: Monday, 28 April 2025 

Demo Day: Wednesday, 9 July 2025 

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