InsurTech MIC Global has received “in-principle” approval from Lloyd’s for the creation of MIC Global Insurance Syndicate 5183.
UK-based MIC Global offers end-to-end digital micro insurance products, providing cover for millions of people and businesses that are unserved by current insurance models.
The new syndicate will be managed by Asta, the leading third-party managing agent at Lloyd’s, and is scheduled to underwrite business incepting on or after April 1, 2022. The syndicate is being launched as a “syndicate-in-a-box,” (SIAB), a mechanism that Lloyd’s provides to make it to make it easier for innovative capital to enter the market. In addition to the requirement that it write unique risks, a syndicate-in-a-box also writes less than £100 million of premium in its first year.
Entry into the Lloyd’s market represents a significant step in MIC Global’s growth, furthering its ambition to build a global safety net and provide insurance to the millions of people and businesses who lack ready access to insurance, the company said.
“MIC is a spark for innovation and change in the industry. We envision a world where insurance is accessible to everyone, which means creating new ways of providing coverage by leveraging our technology and principles of straight-through processing,” commented Harry Croydon, CEO and president of MIC Global.
“We have generated great momentum by providing embedded insurance solutions to like-minded platform businesses. Our Lloyd’s syndicate will enable us to accelerate our plans to provide micro transactional insurance globally to as many businesses, platforms and customers as possible,” said Croydon.
“Insurance provides a critical safety net to support people and businesses in their time of need, yet insurance is too often inaccessible, inefficient and cost prohibitive. We set out to build a full-stack digital insurance company from the ground up to provide simple and relevant insurance for platform businesses, their customers and their service providers,” said Jamie Crystal, executive chairman of MIC Global.
“The need is global, and we are excited to leverage our technology in partnership with Lloyd’s, the preeminent global insurance platform, to provide embedded insurance solutions throughout the world,” Crystal continued.
“We are extremely pleased to partner with such an innovative business and are looking forward to supporting MIC Global. The SIAB model facilitates cost-effective and efficient entry to Lloyd’s and offers the flexibility required to adapt to changing business needs,” said Julian Tighe, chief executive officer of Asta.
“Syndicate 5183’s business plan, which aims to deliver micro insurance to a broad range of platform businesses and small and medium-sized enterprises that remain underserved by today’s market, is exactly the sort of initiative that benefits greatly from access to Lloyd’s via the SIAB framework,” he added.
Source: MIC Global