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January 31, 2022

MIC Global gets nod to set up Lloyd’s syndicate

Lloyd’s has granted ‘in-principle’ approval to MIC Global to create MIC Global Insurance Syndicate in a box (Syndicate) MIC 5183.

Asta, a third-party managing agent at Lloyd’s will manage the new unit, which will begin underwriting business on 1 April 2022 or later.

Asta CEO Julian Tighe said: “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.”

MIC Global is a full-service insurance company, which offers end-to-end digital micro insurance products. The company noted that the move is part of its growth strategy and bolsters its position as a micro-insurance and embedded insurance solutions vendor.

MIC Global CEO and president Harry Croydon said: “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.”

MIC Global executive chairman Jamie Crystal said: “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.”

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