Lloyd’s and the Bermuda Monetary Authority have signed a memorandum of understanding to foster innovation and education after earlier this year outlining plans for closer collaboration.

“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,” BMA CEO Craig Swan said.

“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.”

The organisations will work together on navigating regulatory developments and will collaborate through the Lloyd’s Lab and on providing training and remote learning via the Lloyd’s Academy, both in Bermuda and across Lloyd’s global network.

The Lloyd’s Lab incubator program, where ideas can be developed into practical outcomes with the support of industry experts, is expected to have a reinsurance theme for its fourteenth cohort.

The BMA oversees and regulates the financial services sector in Bermuda, which is a major hub for reinsurance.