The synergy between the two entities is aimed at enhancing the offerings within the Lloyd’s market. Credit: Andrey_Popov/Shutterstock.

MIC Global (MIC) plans to become a Lloyd’s coverholder for Greenlight Re’s Syndicate 3456 (S3456), pending necessary approvals.

This move is expected to reinforce the partnership between MIC and Greenlight Re, with a focus on innovation within the Lloyd’s market.

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MIC, known for integrating micro insurance solutions for platform businesses, and S3456, which specialises in offering insurance products through InsurTech partnerships, are said to leverage their collective expertise to foster innovation at Lloyd’s.

This decision builds upon the existing relationship between the two entities since MIC’s inception.

MIC Global CEO Jamie Crystal 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.”

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Both organisations are committed to utilising their combined knowledge and resources to drive innovation within the insurance sector.

MIC’s role as a full-stack embedded micro insurance provider complements S3456’s focus on delivering market-leading insurance products.

The synergy between the two is aimed at enhancing the offerings within the Lloyd’s market, a hub for insurance innovation.

Greenlight Re Ireland CEO Pat O’Brien said: “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.”

Meanwhile, in January 2022, Lloyd’s granted in-principle approval to MIC Global for the formation of MIC Global Insurance Syndicate in a box (Syndicate) MIC 5183.