Lloyd's re/insurer MS Amlin targets specialty MGAs in US
Lloyd's re/insurer MS Amlin is strategically targeting specialty managing general agencies (MGAs) in the US through a diverse range of initiatives.
The company has invested in an environmental, social & governance (ESG) focused MGA that is launching into the US market later this year.
Founded by Andrew Terrell and William Klepp, InQlusiv seeks to provide simple and cost effective ESG based insurance and risk mitigation products to community based small businesses. The company’s products will be sold via a digital platform, licenced in 50 US states.
The start-up's initial product offering will cover both property and liability exposure, alongside the digital business interruption policy. InQlusiv plans to expand coverage to include commercial general liability (CGL), property, business auto, E-business cover, workers compensation, small group life and SME Health Benefit packages.
MS Amlin's minority investment will support that start-up to offer a business owners policy (BOP), plus a parametric digital business interruption policy for small to medium sized enterprises (SME) focused on LGBTQ, female and minority/ethnic owned businesses (Community-Based Businesses) across the US, as they seek to rebuild local economies and recover from the impact of the pandemic.
Johan Slabbert (pictured), CEO of MS Amlin Underwriting, said: “We’re delighted to invest in such an innovative, community-oriented company like InQlusiv. 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.
“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.”
Terrell, co-founder and managing partner of InQlusiv, 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.”
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