LONDON, UNITED KINGDOM (Oct. 10, 2024) – MIC Global (MIC) is pleased to announce that it intends to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456 (S3456) subject to applicable approvals. This strategic move marks a strengthening of the partnership between MIC and Greenlight Re, building on their shared focus on innovation within the Lloyd’s market.
MIC is focused on embedding micro insurance solutions for platform businesses, while S3456 is specialised in delivering market-leading insurance products through partnerships with leading InsurTechs.
Greenlight Re has been a strategic partner of MIC since its inception, and this next step further solidifies this collaboration. Both parties aim to leverage their collective expertise and resources to drive greater innovation at Lloyd’s.
Jamie Crystal, CEO of MIC, said:
“We are excited about joining forces with S3456. This allows us to build on our existing partnership and to leverage the scale and resources that S3456 and Lloyd’s bring. We are confident that this will enhance the value we can deliver to our clients and business partners.”
Pat O’Brien, CEO of Greenlight Re Ireland, added:
“We are delighted to welcome MIC to S3456. We are confident that the combined strength will create an even more dynamic and innovative hub within Lloyd’s. The addition of MIC as a coverholder with S3456 will provide substantial value and resources to both Greenlight Re and MIC, and we look forward to building on this strong foundation.”
Lorraine Harfitt, CEO of Asta, said:
“This partnership represents an exciting opportunity to strengthen the innovative capabilities of S3456. We look forward to supporting their continued growth and success at Lloyd’s.”
About MIC Global:
MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.
To learn more, please visit https://www.micglobal.com or Contact Us (Press Inquiries)
About Greenlight Re:
Greenlight Capital Re, Ltd. (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
About Asta:
Asta Managing Agency is the leading third-party managing agent at Lloyd’s and is responsible for 12 syndicates, eight SIABs and one SPA, with capacity under management in 2024 of more than £2.5bn:
- Syndicate 4242 and SPA 1416 (Beat)
- Syndicate 4747 (Carbon)
- Syndicate 1988 (CFC)
- Syndicate 2786 (Everest)
- Syndicate 3123 (Fidelis)
- Syndicate 1985 (Flux)
- Syndicate 2689 (Hampden Risk Partners)
- Syndicate 2525 (Ive)
- Syndicate 1609 (Mosaic)
- Syndicate 1892 (MPS)
- Syndicate 1322 (Trium)
- Syndicate 1699 (Volante)
8 SIABs:
- Syndicate 2427 (Agile)
- Syndicate 3456 (Greenlight)
- Syndicate 1902 and Syndicate 1966 (MCI)
- Syndicate 5183 (MIC)
- Syndicate 1922 (Oka)
- Syndicate 1796 (Parsyl)
- Syndicate 2880 (Sukoon)
MGAs:
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.
MGAs under management:
- Arma Underwriting Limited
- Artes
- Paul Witzenfeld MGA