Insurtech sets up Lloyd’s Syndicate to target ‘underserved’ SME market
Insurtech MIC Global has established a new syndicate-in-a-box (SIAB) 5183 to offer end-to-end digital micro insurance products to a wide range of businesses and small and medium-sized enterprises (SMEs) that are currently “underserved” by the market, following ‘in-principle’ approval from the Lloyd’s of London.
The new syndicate will be managed by Asta, a third-party managing agent at Lloyd’s, and is scheduled to underwrite business incepting on or after April 1, 2022.
Entry into the Lloyd’s market as a “significant step” in MIC’s growth strategy, and strengthens its position in the micro-insurance and embedded insurance space.
“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,” said Harry Croydon (pictured centre), chief executive officer and president of MIC Global.
Jamie Crystal (pictured left), executive chairman of MIC Global, added: “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.”
Commenting on the launch of new Lloyd’s Syndicate, Julian Tighe, chief executive officer of Asta, said: “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.”
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