The Bermuda Monetary Authority Collaborates With Lloyd's (2024-03-14)

Summary

This is a press release announcing a collaboration between the Bermuda Monetary Authority and Lloyd's aimed at fostering innovation and improving education access across the two (re)insurance markets. It is purely informational and does not create any new regulatory requirements, filing obligations, or changes to existing rules.

• Focus areas: Improving access to education academies and innovation through the Lloyd's Lab and the Bermuda Insurance Sandbox, and sharing risk expertise between the two markets.
• Lloyd's Lab cohort: A Lloyd's Lab reinsurance cohort utilising Bermuda market expertise is planned to launch in H1 2025.
• Bermuda Insurance Sandbox: Continues to provide a controlled environment for testing new insurance ideas and technologies.
• ABIR involvement: Members of the Association of Bermuda Insurers and Reinsurers will join the initiative to provide education and mentorship opportunities.

No compliance actions, deadlines, or new obligations are imposed on regulated entities by this notice; it is announcement-only in nature.

Applies to

insurers, reinsurers

Deadlines

• H1 2025: Planned launch of a Lloyd's Lab reinsurance cohort utilising Bermuda market expertise.