A Memorandum of Understanding between the Bermuda Monetary Authority and Lloyd's was signed this week to promote innovation and collaboration in the international insurance market, the BMA said today.

A statement said the agreement represented a mutual commitment to supporting, developing and facilitating the exchange of insurance industry expertise and knowledge.

In signing the MoU, both parties have agreed to jointly navigate regulatory developments and explore related opportunities by leveraging the Lloyd's Lab.

In addition, educational training and remote learning programmes will be available through the Lloyd's Academy, which is based in Bermuda, and across the Lloyd's global network.

Earlier in 2024, Lloyd's and the BMA announced the joint initiative, Lloyd's Lab, the ten-week fast-track insurance innovation incubator that draws upon the skills and talents within Bermuda's insurance sector.

The BMA said the programme facilitated ground-breaking solutions and new advancements in insurance by bringing together experienced individuals and teams to solve complex industry challenges using a creative, entrepreneurial approach.

Through the MoU, Lloyd's and the BMA would also collaborate to promote and deliver a reinsurance theme for Cohort 14 of the award-winning Lloyd's Lab Accelerator programme, as well as working together on wider initiatives such as the BMA's regulatory sandbox and innovation hub.

Dawn Miller, Lloyd's chief commercial officer and chief executive of Lloyd's Americas said the agreement strengthened the March commitment to closely collaborate and align on sharing risk expertise between the insurance and reinsurance hubs.

She added: “This joint agreement will ensure we share the knowledge and expertise needed to tackle our customers’ challenges and support the growth ambitions of our markets in the years to come.”

Craig Swan, the chief executive of the Bermuda Monetary Authority said: "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.”