London: 28 01 2022 : MIC Global has received ‘in-principle’ approval from Lloyd’s for the creation of MIC Global Insurance Syndicate in a box (Syndicate) MIC 5183. MIC Global is a pioneering insurtech providing end-to-end digital micro insurance products.
The new syndicate will be managed by Asta, the leading third-party managing agent at Lloyd’s and is scheduled to underwrite business incepting on or after 1 April 2022.
Entry into the Lloyd’s market represents a significant step in MIC Global’s growth, furthering their ambition to build a global safety net and provide insurance to the millions of people and businesses who lack ready access to insurance. Through its Lloyd’s Syndicate, MIC Global further cements its position as an international leader in micro-insurance and embedded insurance solutions.
MIC Global stands apart in the industry as a full-service insurance company with the global capability and technology to provide fully digital data-driven frictionless insurance.
Harry Croydon, CEO and president of MIC Global, said: “MIC is a spark for innovation and change in the industry. We envision a world where insurance is accessible to everyone, which means creating new ways of providing coverage by leveraging our technology and principles of straight-through processing. We have generated great momentum by providing embedded insurance solutions to like-minded platform businesses. 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.”
Jamie Crystal, executive chairman of MIC Global, said: “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. The need is global, and we are excited to leverage our technology in partnership with Lloyd’s, the preeminent global insurance platform, to provide embedded insurance solutions throughout the world.”
Julian Tighe, chief executive officer of Asta, added: “We are extremely pleased to partner with such an innovative business and are looking forward to supporting MIC Global. 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.”