MIC Global starts underwriting at Lloyd’s through Asta-managed Syndicate 5183
Insurtech MIC Global has received approval for Lloyd's Syndicate 5183, managed by Asta through Lloyd's syndicate in a box (SIAB) platform, to commence underwriting.
Syndicate 5183 further cements MIC Global’s position in the international market as a provider of embedded insurance solutions to platform companies.
The company has appointed Erik Johnson as senior underwriting manager in support of its growth objectives in the UK.
MIC Global's first two partnerships that will allow the company to underwrite business through Lloyds Syndicate 5183 are spearheaded by Steve Haase, president of US-based broker STP Insurance Services.
The first partnership is with InsureTEK – a oss Control as a Service (LCaaS) platform, that helps predict and prevent catastrophic water events before they happen.
MIC’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.
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."
Michael Murphy, KM president, and CEO of InsureTEK commented: "When we were seeking a strategic partner to help us create an embedded cover for IoT water sensor systems, we searched the market for a company that understood the need to evolve in order to stay relevant. MIC Global brought an entrepreneur's spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance."
Lionel Carrasco, founder and CEO at h.way, said: "We have found that much of our customer base does not have health insurance. By partnering with MIC Global, we are helping our members get access to up to $1,000 for unexpected medical expenses as part of our h.way membership experience. MIC Global's value proposition clearly aligns with our company's purpose of providing equitable financial services and cultural-driven product innovation."
Julian Tighe, CEO of Asta, added: "We are delighted that MIC Global's Syndicate has received approval from Lloyd's to commence underwriting. Entry to Lloyd's allows MIC Global to greatly expand their reach. Collaborations like this are an excellent example of how Asta can assist forward-thinking organizations like MIC Global with accessing the Lloyd's market."
Jamie Crystal, executive chairman of MIC Global, concluded: "We are thrilled to receive approval to provide embedded insurance solutions globally through our Lloyd's syndicate."
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