New York, NY – 22nd June 2022:
MIC Global announces today that it has received approval for Lloyd’s Syndicate 5183 to commence underwriting, effective immediately. Syndicate 5183 will be managed by Asta through Lloyd’s syndicate-in-a-box (SIAB) platform.
Syndicate 5183 further cements MIC Global as an international leader in providing embedded solutions to platform companies – a position which is further strengthened by the appointment of Erik Johnson as Senior Underwriting Manager in support of its objectives.
Harry Croydon, CEO and Founder of MIC Global, said:
“Through our new syndicate at Lloyd’s, MIC Global can now offer companies highly relevant, affordable insurance products which can easily be embedded into their existing digital processes. This will accelerate the delivery of micro insurance products when and where customers need them, allowing them to gain access to cover that is not readily available through traditional insurance methods. The hard work of the team, coupled with the support of Asta, has been fundamental to our successful application.”
Steve Haase, President of STP Insurance Services, LLC, a USA-based broker, spearheaded the organization of MIC Global’s first two partnerships that will allow the company to underwrite business through Lloyds Syndicate 5183.
The first partnership is with InsureTEK – a manufacturer of an IoT water sensor system, that helps predict and prevent catastrophic water events before they happen.
Michael P. Murphy, KM President, and CEO of InsureTEK comments:
“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”
MIC Global’s second account to be underwritten by Syndicate 5183 is h.way, a Hispanic-owned neobank built around the financial needs and issues facing the Hispanic community.
Lionel Carrasco, Founder and CEO at h.way, said:
“We have found that much of our customer base does not have health insurance. By partnering with MIC Global, we are helping our members get access to up to $1,000 for unexpected medical expenses as part of our h.way membership experience. This is an example of how we develop banking services centered around the specific financial needs of our Hispanic community. MIC Global’s value proposition clearly aligns with our company’s purpose of providing equitable financial services and cultural-driven product innovation.”
Julian Tighe, CEO of Asta, adds:
“We are delighted that MIC Global’s Syndicate has received approval from Lloyd’s to commence underwriting. Entry to Lloyd’s allows MIC Global to greatly expand the reach of its offering. Collaborations like this serve as an excellent example of how Asta can assist forward-thinking organizations such as MIC Global with accessing the Lloyd’s market.”
Jamie Crystal, Executive Chairman of MIC Global, concludes:
“We strongly believe embedded insurance is the future for the insurance industry and will help provide resources for the many people that don’t have access under traditional systems. We are thrilled to receive approval to commence underwriting as a Lloyd’s syndicate. This will assist us in driving forward our mission to provide embedded insurance solutions throughout the world.”
Notes to Editors:
About MIC Global:
MIC Global is a full stack digital insurance company that provides embedded insurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded insurance solutions for platform companies that adds value by:
1. Enhancing their brand
2. Differentiates their product
3. Drives up revenue
4. Attracts and retains customers
Asta Managing Agency Ltd is the leading third-party managing agent at Lloyd’s and is responsible for ten syndicates, one SPA and four Syndicates-in-a-Box with capacity under management in 2022 of more than £1.5bn.
Asta Underwriting Management Limited (AUML) brings the skills, experience, and capabilities of the leading third-party managing agency at Lloyd’s to the MGA market. AUML currently manages four MGAs.
See https://www.asta-uk.com/our-clients/ for full details.