Lloyd’s re/insurer MS Amlin has announced plans to invest in InQlusiv, LLC, a US based environmental, social and governance (ESG) focused managing general agency (MGA).
The minority investment will support the start-up as it looks to provide a business owners policy (BOP), plus a parametric digital business interruption policy, for SMEs.
In particular, InQlusiv will focus on LGBTQ, female and minority/ethnic owned businesses across the US, as they seek to rebuild local economies and recover from the impact of the pandemic.
MS Amlin notes that these communities in the US are likely underinsured and potentially struggling to find affordable cover as they rebuild their businesses.
Launching into the US market later this year, InQlusiv was founded by Andrew Terrell and William Klepp, who plan to sell the company’s products via a digital platform, licenced in 50 US states.
The initial product offering covers both property and liability exposure, alongside the digital business interruption policy.
Over time InQlusiv aims to expand available coverage to include commercial general liability (CGL), property, business auto, E-business cover, workers compensation, small group life and SME health benefit packages.
“We’re delighted to invest in such an innovative, community-oriented company like InQlusiv,” said Johan Slabbert, CEO of MS Amlin Underwriting. “ESG anchors everything that InQlusiv does and we’re looking forward to learning from them as both businesses grow together in the US market. Andrew and William have an excellent track record of targeting previously underinsured niches, as well as a strong commercial pedigree with decades of (re)insurance experience.
Slabbert continued: “The transaction underpins our growing commitment to invest, learn and grow our ESG experience and capability through a diverse range of developments and initiatives. We’re excited by the significant opportunity that InQlusiv and our growing US MGA strategy represents.”
Andrew Terrell, Co-founder and Managing Partner at InQlusive, also commented: “We’re so pleased to have the support of MS Amlin as one of our key investors as we prepare to go to market and launch what will be part of the next chapter in the development, distribution and servicing of insurance for a more diverse and inclusive world.”
“We believe our community centred vision, alongside our underwriting discipline and highly efficient platform will support our growth and profitability in the months and years ahead.”
