MIC Global has received approval for Lloyd’s Syndicate 5183 to commence underwriting, effective immediately.
According to the firm, Syndicate 5183 will be managed by Asta through Lloyd’s syndicate in a box (SIAB) platform. It said that it further cemented MIC Global as an international leader in providing embedded insurance solutions to platform companies – a position which is further strengthened by the appointment of Erik Johnson as Senior Underwriting Manager in support of its objectives.
Harry Croydon, CEO and founder of MIC Global, said: “As a syndicate of Lloyd’s, MIC Global can now offer companies highly rated, relevant, and affordable insurance products which can easily be embedded into their existing digital processes. This will accelerate the delivery of micro insurance products when and where customers need them, allowing access to cover that is not readily available through traditional insurance methods.”
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 said in January that the creation of its Lloyd’s Syndicate further cements its position as a global leader in microinsurance and embedded insurance solutions.
The first partnership is with InsureTEK – a Loss Control as a Service (LCaaS) platform, that helps predict and prevent catastrophic water events before they happen. MIC Global’s second account to be underwritten by Syndicate 5183 is h.way, a Hispanic-owned neobank built around the financial needs and issues facing the Hispanic community.