Hiscox, MS&AD invest in insurtech AkinovA
Specialist reinsurer Hiscox Re and Japanese insurance group MS&AD have invested in insurtech startup AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks.
Both investors will assist in the development of AkinovA's trading platform ahead of its launch, collaborating with active participants in the re/insurance value chain, including risk cedants, brokers, re/insurers, regulators, data, index and analytics providers, and capital market participants.
AkinovA said its platform will have a particular focus on addressing the transfer and trading of cyber risks, which it believes is likely to face greater challenges without an electronic marketplace.
The startup also recently appointed former XL Catlin veteran Paul Jardine, as well as Daljitt Barn, most recently global head of cyber risk at Tokio Marine, to its advisory board.
“In a rapidly expanding market, it’s crucial that we partner with organisations who are on the cutting edge of innovation," said Adam Szakmary, director of underwriting Bermuda, Hiscox Re & ILS. "We were attracted to AkinovA’s ethos of proving a simpler and better approach to an electronic marketplace. They understand the importance of encouraging marketplace liquidity, and their strong focus on cyber risk transfer and trading was particularly appealing to us. At Hiscox, we pride ourselves on being collaborative while challenging the status quo.”
Szakmary added: “AkinovA’s pioneering approach to enhancing electronic trading and optimising the risk transfer chain takes full advantage of the benefits technology and data can provide the re/insurance industry. They have successfully created and established a framework which allows the industry to invest and foster the development of a digitally native marketplace, whilst preserving marketplace independence – an essential ingredient for growth. We look forward to supporting their efforts in the evolving cyber risk transfer market.”
Jon Soberg, CEO of MS&AD Ventures, said: “MS&AD sees cyber as a key area of focus as cyber is a global risk which impacts trillions of dollars of insured assets already through both affirmative and silent cyber-attacks, exacerbated by the interconnected world we live in.”
“We believe that AkinovA’s electronic marketplace on which digital contracts will be placed and traded is needed to offer clients, brokers and capital markets solutions to mitigate their cyber risks. AkinovA’s strong push to work in concert with the industry, brokers and capital markets will deliver compelling growth for all,” Soberg added.
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