Reinsurance News

InShare and Nexus Mutual partner to enhance coverage for UK independent retail businesses

18th August 2023 - Author: Akankshita Mukhopadhyay

InShare, a distinguished player in alternative risk transfer and mutuals, has embarked on a “groundbreaking” collaboration with Nexus Mutual, a pioneering alternative risk capital capacity provider.

The strategic partnership aims to amplify coverage capacity and extend protection to over 5,000 small independent business proprietors throughout the United Kingdom.

A notable milestone in this partnership is Nexus Mutual’s distinction as the foremost blockchain-based discretionary mutual to employ digital assets for offsetting excess losses within the framework of a conventional discretionary mutual.

In a landscape where insurance markets grapple with a shortage of capital to mitigate a spectrum of underwriting risks, InShare’s alliance with Nexus Mutual charts an innovative path.

By harnessing Nexus Mutual’s prowess, InShare fortifies its ability to cater to clients and safeguard an array of retail businesses across the UK, shielding them from perils such as fire, theft, and accidental damage.

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The strategic maneuver encompasses InShare’s acquisition of excess of loss and aggregate stop loss cover, thereby empowering its clientele to shift risk onto Nexus Mutual’s substantial $274 million underwriting capital.

Graeme Thurgood, the Chief Underwriting Officer of InShare, underscored the potential of venturing into alternative risk transfer capacity, emphasising its ripple effect on InShare’s Alternative Risk Transfer and SMART Structure operations.

Thurgood expressed InShare’s commitment to innovation and its determination to heighten customer satisfaction by aligning coverage options with evolving needs.

Hugh Karp, the visionary Founder of Nexus Mutual, stressed the strategic importance of channeling blockchain-based capital into conventional financial markets to yield authentic positive outcomes. The collaboration with InShare is not only propelling enhanced protection across the UK but also fortifying Nexus Mutual’s resolve to surmount supply-side challenges in insurance markets, thereby amplifying capacity precisely where it is most essential.

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