Three international firms with Bermuda-relevant business solutions are being mentored by the Bermuda Monetary Authority as part of a joint project with the insurance and reinsurance marketplace Lloyd’s of London.

The three firms, Supercede, 7Analytics and Unwind Finance, are part of cohort 14 of Lloyd’s Lab, a finance industry business accelerator created by Lloyd’s.

The programme, which runs twice a year, offers access to mentors, and potential partners and investors. Concepts can be tested with the support of experts from the London market.

Ten to 12 companies take part each year.

The BMA signed a memorandum of understanding with Lloyd’s last May to promote innovation and collaboration in the international insurance market.

BMA deputy director George Alayon said the BMA has just revised its mission statement to include responsible innovation.

“Being a part of Lloyd’s Lab speaks to that,” he said.

Rosie Denée, Lloyd’s head of innovation, commercial education and engagement, said: “It was not about trying to find companies from Bermuda. It is about bringing in people who think about things differently, and who are already operating within the market.”

The firms mentored by the BMA are working on problems relevant to the Bermuda financial market, which Mr Alayon said has its unique challenges.

Supercede, in London, England, helps cedents and brokers turn complex reinsurance data into effective dealmaking. 7Analytics, based in Bergen, Norway, is a specialist flood analytics provider, and Unwind Finance, in San Francisco, California, is an artificial intelligence platform for casualty risk.

“They will probably end up working with region-based companies to get better insights,” Ms Denée said. “It is about bringing the technology and the insights that do not already exist here to the island.”

Mr Alayon said: “We can achieve greater heights or breakthroughs in a responsible manner.”

Members of cohort 14, programme alumni and organisers, were in Bermuda this week for a cocktail networking event held at the Hamilton Princess Hotel & Beach Club.

Mr Alayon has been working with the Bermuda-themed cohort for several months.

“We met in person for the first time earlier this morning,” Mr Alayon said shortly before the networking event. “I have been engaging with them through virtual meetings for some time.”

He said they are all busy C-suite executives, so it is difficult to get them in the same room at the same time.

Lloyd’s Lab now has 150 firms in its alumni network, some of which have become mentors themselves.

Ms Denée said once this cohort is wrapped up they will look at building out the programme even further.

“We are writing a road map for the rest of this MOU, because at each stage we need to reflect and figure out what is working,” she said. “So far, the working group has been hugely engaged. They want more.”

Applications for Lloyd’s Lab cohort 15 are open now.