MIC Global Applies to Become Lloyd’s Coverholder for Greenlight Re’s Syndicate 3456
MIC Global (MIC), the full-stack embedded micro insurance provider, announced it has applied to become a Lloyd’s coverholder for Greenlight Re’s Syndicate 3456, 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 said.
MIC is focused on embedding micro insurance solutions for platform businesses, while Syndicate 3456 is specialized in delivering market-leading insurance products through partnerships with leading insurtechs.
Greenlight Re has been a strategic partner of MIC since its inception in 2020, and this next step further solidifies this collaboration.
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“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,” commented Jamie Crystal, CEO of MIC, in a statement.
“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,” said Pat O’Brien, CEO of Greenlight Re Ireland. “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.”
“The integration of [MIC’s Syndicate 5183] with S3456 represents an exciting opportunity for GreenlightRe to further strengthen the innovative capabilities of S3456. We look forward to continuing to work with both entities, supporting their continued growth and success at Lloyd’s,” according to Lorraine Harfitt, CEO of Asta, the third-party managing agent at Lloyd’s.
About MIC Global and Greenlight Capital Re
New York headquartered MIC Global delivers scalable, digitally enabled micro-insurance solutions to platform businesses. MIC’s mission is to help close the insurance protection gap by providing affordable and inclusive insurance to underserved markets through its underwriting entities in Anguilla, Cayman Islands and at Lloyd’s.
Greenlight Capital Re Ltd. provides multiline property/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.
Source: MIC Global