Today sees the launch of Howden Ventures, an investment and risk incubator with £500m of delegated underwriting capacity.
Subject to Lloyd’s approval, Howden Ventures will draw expertise and resources from specialist innovation teams across the global insurance market. The platform is backed by leading Lloyd’s underwriters, including Tokio Marine Kiln, Chaucer and Liberty Specialty Markets.
As new funding for the global insurtech sector continues to fall following the collapse of Silicon Valley Bank, Howden Ventures has initially committed £10m of new funding to the sector, with a view to support at least five new startups over the next two years.
Insurance innovation expert Tom Hoad will lead the collaborative industry initiative as head of Howden Ventures. He said: “Innovation is all about working together and, for the first time, Howden Ventures will assemble the most innovative thinkers in the insurance ecosystem to help solve some of the world’s most critical risks.
"Combining the managing general agent model with insurtech innovation provides the ideal platform to foster collaboration, and to merge external talent, fresh thinking, new technology, funding and underwriting capacity. By doing so Howden Ventures is aligning interests from all corners of the market to create an economic model that will help the insurance industry invest in the type of long-term, innovative solutions that clients are looking for.”
David Howden (pictured), CEO, Howden added: “MGAs are the innovation dynamite of the insurance industry. Cyber insurance, insurance for renewables, D&O insurance... they were all born in the MGA marketplace where capital meets innovative and entrepreneurial talent and capacity providers can be part of critical R&D that clients are crying out for by sharing the risk. I always say that the insurance industry needs to remain relevant to its clients and that is Howden Ventures' job: to supercharge innovation by bringing great talent and quality capacity together with a turnkey platform to solve the big problems.”
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