The Bermuda Monetary Authority (BMA), the regulator responsible for Bermuda’s financial services industry, including insurance regulation, has launched new market entry and innovation pathways designed to support companies with established solutions to enter the Bermuda market more effectively.
The initiative was formally launched at the BMA Forum held at the Hamilton Princess Beach Club in Hamilton, Bermuda on 10 April 2026, with the participation of London-based insurance and reinsurance market Lloyds.
The pathway is open to companies participating in or graduating from the Lloyd’s Labs program and whose solutions are relevant to the Bermuda insurance environment.
The aim, the BMA said, is to allow companies that have completed early validation processes within the Lloyd’s Innovation Framework to engage more directly with regulation.
Through the new structure, eligible companies will have access to the BMA’s Regulatory Sandbox, which enables controlled, real-world testing of new products and services, and the Authority’s Innovation Center, which provides organized engagement between industry players and regulators.
Gerald Gakundi, Head of Insurance and Funds and Deputy Managing Director at the BMA, commented: “This streamlined process reinforces Bermuda’s position as a jurisdiction where innovation can flourish by combining regulatory clarity with global connectivity.
“We are delighted to deepen our shared commitment with Lloyd’s to drive innovation and excellence across the insurance industry. As the market evolves, partnerships like this play an important role in helping to scale innovation responsibly.”
The Lloyd’s Labs program is a 10-week accelerator designed to support companies within the insurance industry researching new technologies and approaches, particularly those addressing emerging and changing risks. Its Group 14 membership includes players that leverage the capabilities of local and international companies to develop solutions focused on the Bermuda insurance market.
Dawn Miller, chief commercial officer at Lloyd’s and CEO of Lloyd’s Americas, added: “For companies participating in Lloyd’s Lab, this move provides a clearer route into Bermuda, a jurisdiction with a well-established and proportionate regulatory framework and deep insurance expertise.”
“By launching these innovative pathways, the BMA is creating a more direct route for companies with Lloyd’s Laboratory validated solutions, supporting efficient market adoption while maintaining strict regulatory standards.”
The initiative builds on the 2024 Memorandum of Understanding between the BMA and Lloyd’s, which sets out innovative collaboration within the insurance market. This will be followed by joint work by Lloyd’s Laboratory Group 14 in 2025, focusing on Bermuda-specific challenges identified by both organizations.
The latest pathways reflect ongoing coordination between the two institutions to link their respective innovation programs and improve access for businesses transitioning from accelerator environments to regulated market participation.
