Lloyd’s and the Bermuda Monetary Authority have outlined plans for closer collaboration between the two insurance industry hubs to foster innovation and education.

The tie-up on innovation will involve the launch of a Lloyd’s Lab reinsurance cohort in the first half of next year that specifically uses Bermuda market expertise.

Lloyd’s Lab provides a 10-week incubator program where ideas can be developed into practical outcomes, with the support of industry experts.

Additionally, Lloyd’s Academy training programs will be available to Bermuda market participants, in person and virtually. Lloyd’s will also roll out a suite of Bermuda market courses and leverage existing education programs from the Association of Bermuda Insurers and Reinsurers, with Bermuda College.

Lloyd’s Chief of Markets Patrick Tiernan says there is a long history of market participants operating across both Lloyd’s and Bermuda. “This partnership presents a truly exciting opportunity to bind together the two markets to deliver the best possible solutions for our customers and make meaningful, innovative progress together,” he said.

Bermuda Monetary Authority CEO Craig Swan says the partnership is a milestone in efforts to foster collaboration, enhance regulatory and market capabilities, and address evolving needs.

“We look forward to a successful partnership that paves the way for greater progress and success of both Lloyd’s and Bermuda markets regarding narrowing protection gaps,” he said.