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.

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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.”

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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.”