io.insure, an online mergers and acquisition (M&A) insurance marketplace aimed at small and medium-sized business (SME) transactions, has launched its operations in Australia.
The io.insure marketplace, claimed to be the first of its kind, is aimed at bridging the risk gap in the speciality M&A segment for SMEs.
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It seeks to address the inefficient processes and the lack of insurance capacity in the overall M&A insurance ecosystem, which is focused on larger transactions.
io.insure will work with advisors, insurance brokers, accounting firms, corporate financiers and banks to meet the risk management needs of small business owners in Australia, private equity and venture capital firms and corporate M&A dealmakers.
io.insure’s SME M&A Insurance (SEMI) product will initially cover M&A transactions worth up to A$50m ($35.29m).
Following the pilot in the Australian market, io.insure will expand into North America, the UK, Europe and Asia.
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By GlobalDataio.insure co-founder and executive partner Killian McDermott said: “We are delighted to launch the world’s first online M&A insurance marketplace, serving a fast-growing segment of small and medium business owners in Australia and safeguarding their growth ambitions and exit strategies.
“As we look towards the future, there is exciting potential for other new speciality business lines that io.insure will tap into globally and we look forward to announcing these in due course.”
io.insure will work with marketplace partners to provide underwriting-as-a-service (UaaS) support for global and local insurers as well as Lloyd’s syndicates.
The new platform can be used as a white label solution by insurance and distribution partners.
McDermott and David Rogers created the io.insure platform as part of the POP Holdings group, a conglomerate for specialist, data & technology-enabled insurance solutions.
POP Holdings works with the likes of Allianz, Markel, Zurich, HDI Global Specialty, Antares and Ping An.
