Fusion Specialty, a specialist M&A managing general agent (MGA), and io.insure, an M&A tech specialist, have lauched Mio, the first M&A insurance online for small-to mid-sized businesses to address the significant risk protection gap within the SME market.
Mio is specifically aimed at SME businesses that are considering deals valued at between $1 million and $100 million.
Backed by A and A+ rated capacity, Mio is avaliable in Australia, UK, Europe and the US, via io.insure.
Both Fusion and io.insure noted that the new offering redefines M&A insurance for SMEs, whose risks needs in this area remain under-served despite annual premiums of almost $14 billion.
In a statement, both firms said that Mio meets the otherwise neglected risk cover needs of SME buyers, sellers, advisers, and brokers with its proprietary technology and design developed specifically for the SME M&A segment.
In addition, io.insure’s website says that Mio has been designed to make it more easier for both insurers and brokers to serve a far wider range of customers within the SME segment.
Fusion and io.insure co-founder David Rogers said Mio is the first-to-market example of how the fast-growing MGA market is being evolving with MGA 2.0.
“Fusion is spearheading a much-needed paradigm shift to MGA 2.0 in this under-modernized market segment with breakthrough innovations,” Rogers said.
“Traditional insurers and MGAs could not be first to market with a product like Mio as the industry has yet to widely embrace technology. We are going much further and have built an MGA 2.0 – specialist underwriting expertise enabled by data and technology and with highly efficient tech-driven partnership distribution.”
Fusion and io.insure co-founder Killian McDermott, added that io.insure’s strategy is to transform the specialty insurance market through the power of partnerships.
“We are building a global ecosystem of clients, advisors, distributors, insurers and MGAs as commercial partners on the io.insure platform,” McDermott said.
“With Fusion as the first global partner insurer on io.insure, we’ll not only provide a full suite of M&A and specialty and sustainable insurance products, starting with Mio, we’ll be laying the foundation for a world-class insurance marketplace which can grow exponentially and benefit all of our customers and partners.”
