Insurtech MIC Global has received ‘in-principal’ approval from Lloyd’s to launch Syndicate 5183, which is scheduled to underwrite business incepting on or after April 1st, 2022.
The new syndicate will be managed by Asta, a third-party managing agent at the specialist Lloyd’s insurance and reinsurance marketplace.
MIC provides end-to-end digital micro insurance solutions, and its entry into the Lloyd’s market represents a significant step in its growth, and furthers the company’s goal to build a global safety net and provide insurance to the millions of people and businesses who lack ready access.
The insurtech says that the creation of its Lloyd’s Syndicate further cements its position as a global leader in microinsurance and embedded insurance solutions.
MIC Global notes that it “stands apart in the industry as a full-service insurance company with the global capability and technology to provide fully digital data-driven frictionless insurance.”
Harry Croydon, Chief Executive Officer (CEO) and President of MIC Global, 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.
“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.”
Jamie Crystal, Executive Chairman of MIC Global, commented: “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. 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.”
Julian Tighe, CEO of Asta, added: “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.
“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.”