MIC Global has received “in-principle” approval from Lloyd’s to establish a new syndicate on the latter’s market.

The new MIC Global Insurance Syndicate in a box (Syndicate) MIC 5183 will be managed by Asta. It is scheduled to underwrite business incepting on or after April 01, 2022.

According to MIC Global, entry into the Lloyd’s market represents a “significant step” in its growth, furthering its position as an international leader in micro-insurance and embedded insurance solutions.

“MIC is a spark for innovation and change in the industry. We envision a world where insurance is accessible to everyone, which means creating new ways of providing coverage by leveraging our technology and principles of straight-through processing,” said MIC Global CEO Harry Croydon. “We have generated great momentum by providing embedded insurance solutions to like-minded platform businesses.”

Croydon also said that MIC Global’s syndicate will allow the company to “accelerate [its] plans to provide micro transactional insurance globally to as many businesses, platforms, and customers as possible.”

“Insurance provides a critical safety net to support people and businesses in their time of need, yet insurance is too often inaccessible, inefficient, and cost prohibitive. We set out to build a full stack digital insurance company from the ground up to provide simple and relevant insurance for platform businesses, their customers, and their service providers,” added MIC Global executive chairman Jamie Crystal. “The need is global, and we are excited to leverage our technology in partnership with Lloyd’s, the preeminent global insurance platform, to provide embedded insurance solutions throughout the world.”

“We are extremely pleased to partner with such an innovative business and are looking forward to supporting MIC Global. The SIAB model facilitates cost-effective and efficient entry to Lloyd’s and offers the flexibility required to adapt to changing business needs,” stated Asta CEO Julian Tighe.