Greenlight Re Innovations (GRI) has received ‘in-principle’ approval from Lloyd’s to establish an insurtech-focused syndicate.
Syndicate 3456 will be established under the Syndicate-in-a-Box (SIAB) model and is slated to commence operations in Q2 2022. Greenlight Re said in a statement that it would provide capacity to its growing portfolio of insurtechs. Its active underwriter will be Andy Gladwin, currently the managing director of Greenlight Re Marketing.
Simon Burton, CEO of Greenlight Re, said: “GRI’s support of insurance innovators is a key element of Greenlight Re’s strategy. By combining Greenlight Re’s knowledge of and access to early stage insurtechs with Lloyd’s reputation, licensing, and rating, we aim to create a market-leading insurtech syndicate which can generate strong underwriting returns.”
Greenlight Re are not the only ones celebrating a recent ‘in-principle’ approval from Lloyd’s. At the end of last week, MIC Global announced similar news. Its new syndicate, Syndicate 5183, will be managed by Asta, a third-party managing agent at the specialist Lloyd’s insurance and reinsurance marketplace.
Greenlight Re provides multi-line property and casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. In 2018, the company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment, risk capacity, and access to a broad insurance network.
The company has a history of investing in different insurance-related firms, particularly over 2021. In November, it invested an undisclosed amount into full-stack title insurer Blueprint after June and September announcements of investments in Paxafe and Shepherd Labs.