Lloyd’s Lab opens applications for cohort featuring Bermuda
Mentorship by industry leaders and subject-matter experts from two of the world’s major insurance and reinsurance markets awaits successful applicants for cohort 14 of the Lloyd’s Lab’s award-winning accelerator programme, with its first-ever focus on Bermuda-based solutions.
Cohort 14 will feature Bermuda-focused solutions under the theme “Shaping the Future of Reinsurance in Bermuda”. Applications are open now.
The Bermuda Monetary Authority said this focus solidifies the mutual commitment that the BMA and Lloyd’s have to innovation and collaboration in the international insurance market.
The two organisations signed a memorandum of understanding in May to support, develop and facilitate the exchange of industry knowledge and expertise.
The BMA said the theme of the cohort aims to drive innovation by exploring solutions across four challenge areas: Reinsurance and ILS (Partner Capital), Climate and Catastrophe Solutions, Emerging Threats and Man-made Risks, and Sustainable Insurance Models.
Rosie Denée, head of innovation, commercial education and engagement at Llozd’s, said: “The island of Bermuda plays an integral role to the Lloyd’s market, thanks to its longstanding position as the home of [insurance and reinsurance].
“We’re excited to open applications for cohort 14, with a special focus on Bermuda’s role in shaping the future of our industry. The lab continues to be a unique platform for start-ups to innovate, collaborate and rapidly scale solutions seeking to drive the Lloyd’s market forward.”
The BMA said: “During the intensive ten-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.
“Bermuda’s world-class infrastructure, proximity to leading financial markets and vibrant community make it an ideal destination for entrepreneurs eager to scale their innovations in a dynamic, globally recognised environment.”
The BMA said it 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.
Lloyd’s said selected insurtechs will gain access to expert mentors and subject-matter experts from across the Lloyd’s market and gain exposure to potential future trading partners and investors.
The London-headquartered organisation said the interconnectedness of Bermuda and Lloyd’s was emphasised during a recent visit to Lloyd’s by David Burt, the Premier, accompanied by a government delegation and representatives from the Association of Bermuda Insurers and Reinsurers.
It said the delegation was hosted by Lloyd’s chief executive John Neal and continued the dialogue on scaling innovation and collaboration within the insurance industry to better withstand current and emerging societal risks across the globe.
The BMA is inviting industry leaders, subject-matter experts and entrepreneurs in Bermuda to serve as mentors for participants in the cohort.
The organisation said: “Mentors will be critical in guiding participating teams by sharing insights, expertise, and practical experience, fostering the next generation of insurtech innovation.”
It said mentors can express their interest by contacting George Alayon, deputy director for supervision (fintech) at the BMA.
The BMA said: “Mentorship offers a unique opportunity to contribute to Bermuda’s innovation landscape while networking with global leaders in the insurance and technology sectors.”
• For more on the BMA statement on cohort 14 of Lloyd’s Lab Accelerator Programme — Shaping the Future of Reinsurance in Bermuda, see Related Media
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