The minority investment supports a start-up that will provide business owners policies, plus a parametric digital business interruption policy for small to medium-sized enterprises, focused on LGBTQ, female and minority/ethnic-owned businesses across the US as they seek to rebuild local economies in the wake of COVID-19.
MS Amlin said these communities are likely to be underinsured and potentially struggling to find affordable coverage. The investment is designed to help provide simple and cost-effective coverage that can be purchased easily online and accessed immediately post-event via a single parametric trigger.
Launching in the US later this year, InQlusiv was founded by Andrew Terrell and William Klepp to provide simple and cost-effective ESG-based insurance and risk mitigation products to community-based small businesses. The company’s products will be sold through a digital platform and licensed in all 50 states.
The initial product offering will cover both property and liability exposure alongside the digital business interruption policy. In time, ExQlusiv plans to expand available coverage to include commercial general liability, property, business auto, e-business cover, workers’ compensation, small group life and SME health benefits packages.
“We’re delighted to invest in such an innovative, community-oriented company like InQlusiv,” said Johan Slabbert, CEO of MS Amlin Underwriting. “ESG anchors everything that InQlusiv does, and we’re looking forward to learning from them as both businesses grow together in the US market.
“Andrew and William have an excellent track record of targeting previously underinsured niches, as well as a strong commercial pedigree with decades of reinsurance experience. The transaction underpins our growing commitment to invest, learn and grow our ESG experience and capability through a diverse range of developments and initiatives. We’re excited by the significant opportunity that InQlusiv and our growing US MGA strategy represents.”
“We’re so pleased to have the support of MS Amlin as one of our key investors as we prepare to go to market and launch what will be part of the next chapter in the development, distribution and servicing of a more diverse and inclusive world,” said Terrell, co-founder and managing partner of InQlusiv. “We believe our community-centered vision, alongside our underwriting discipline and highly efficient platform, will support our growth and profitability in the months and years ahead.”
