Insurtech Bondaval and Great American Europe, via Great American International Insurance (UK) Limited and Great American International Insurance (EU) DAC, have announced their partnership as they enter a multi-year agreement.
Bondaval offers digitally enhanced payment default protection to some of the largest companies in the world.
According to the announcement, the insurtech’s platform-based solution will now be supplemented by Great American’s team and S&P A+ rated financial strength.
This collaboration, Bondaval explained, will serve its clients by helping them to achieve reliable balance sheet protection, limit relief and regulatory capital relief, through the use of Bondaval’s technology and security instruments backed by Great American’s capacity.
The addition of Great American to Bondaval’s existing global panel of re/insurers will allow the insuretech to unlock even more long-term capacity, market expertise and risk insights for the benefit of their expanding blue-chip client base.
BP and Shell are among Bondaval’s clients, as well as other global suppliers. Their payment default protection underwritten by Great American is delivered and managed digitally via the Bondaval platform, significantly reducing the administrative burden associated with existing means of balance sheet protection, without incurring the heavy collateral requirements of other types of security.
Sam Damoussi, co-founder of Bondaval, said: “Since beginning to offer our product, the response we’ve seen from the market has been overwhelmingly positive.
“Joining forces with Great American allows us to capitalise further on the significant opportunity in front of us in both the UK and Europe. This relationship means more cover, for more clients, capturing more market share.”
For Great American, working with Bondaval provides an opportunity to grow its customer base and service more clients made possible by Bondaval’s proprietary technology, alongside the distribution opportunities and risk insights associated with a digital product.
Julian Bartlett, Group Chief Executive – Great American Europe, assed: “The innovative nature of Bondaval’s products and the many opportunities they open up are very exciting for us.
“Through Bondaval, we hope to capture a new segment of the market, diversifying our portfolio and accessing a new pool of diligently underwritten premium.”
