MIC Global to become coverholder for Greenlight Re's Syndicate 3456

MIC Global to become coverholder for Greenlight Re’s Syndicate 3456 | Insurance Business New Zealand

Reinsurance

MIC Global to become coverholder for Greenlight Re’s Syndicate 3456

Partnership to focus on innovation within the Lloyd’s market

Reinsurance

By
Kenneth Araullo

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

The move reflects a further alignment between MIC and Greenlight Re, with both entities focusing on innovation within the Lloyd’s market.

MIC provides microinsurance solutions designed for platform businesses, while S3456 specializes in delivering insurance products through partnerships with insurtech companies. This potential coverholder status signals a strengthening of the existing relationship between the two organizations.

Greenlight Re has been a key partner of MIC since the company’s launch, and this step is seen to deepen the partnership. The two organizations aim to use their combined resources and expertise to foster further innovation within the Lloyd’s insurance market.

Jamie Crystal (pictured above), CEO of MIC, noted that joining forces with S3456 would allow the company to enhance its existing partnership with Greenlight Re.

“We are confident that this will enhance the value we can deliver to our clients and business partners,” Crystal said.

Pat O’Brien, CEO of Greenlight Re Ireland, said that MIC’s addition as a coverholder with S3456 would bring significant value and resources to both companies.

“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,” O’Brien said.

Lorraine Harfitt, CEO of Asta, also commented on the integration of S5183 with S3456, describing it as an opportunity to further enhance the innovative capabilities of the syndicate.

“We look forward to continuing to work with both entities, supporting their continued growth and success at Lloyd’s,” Harfitt said.

In August, Greenlight Re reported its financial results for the second quarter ending June 30, 2024.

In the second quarter of 2024, gross premiums written reached $169 million, up from $154.9 million in the same period in 2023. This $14 million increase, or 9.1%, was driven by growth in financial, general liability, and specialty lines.

What are your thoughts on this story? Please feel free to share your comments below.