Insights

Lloyd’s signs Memorandum of Understanding (MoU) with Bermuda Monetary Authority (BMA)

Posted 03/06/2024 – Quick takes

Lloyd’s and the Bermuda Monetary Authority (BMA) signed a Memorandum of Understanding (MoU) to bring the working relationship of the two entities closer together and collaborate on innovation and regulatory developments. Through the agreement, the entities have also determined that the 14th cohort of the Lloyd’s Lab will have more of a focus on reinsurance than previous cohorts.

 

Dawn Miller, Lloyd’s Chief Commercial Officer said, “I’m thrilled to be in Bermuda today for the signing of this agreement, which further strengthens our commitment made in March to closely collaborate and align on sharing risk expertise between the world’s two major insurance and reinsurance hubs.”

Alpha comment

Lloyd’s and Bermuda have been looking to work more closely together for some time. Although the two markets are competitors, there are multiple carriers such as Hiscox, Everest and Axis which have a large presence in both. Innovation is key to bringing new business opportunities and new products to the (re)insurance market and this agreement should help Lloyd’s achieve this aim.

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