AkinovA becomes first new regulated insurance marketplace since Lloyd's

AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has been granted the first Insurance Marketplace Provider licence by Bermuda’s financial services regulator  BMA - making it the first new regulated insurance marketplace since the formation of  Lloyd’s of London in 1871.

The new, full licence will enable AkinovA to facilitate the transfer of re/insurance risks by cedents and their intermediaries using its digital-first risk transfer marketplace in a fully regulated environment. It can now host brokers, agents and capital providers from the US, UK, EU, Bermuda and Canada on its marketplace, transacting with market participants representing capital in over 40 jurisdictions.

The move marks AkinovA’s graduation from the Bermuda Monetary Authority's (BMA’s) regulatory sandbox.

AkinovA highlighted that what differentiates it from Lloyd's is the ability to offer a "safe and remote electronic space to enable them to exchange information and agree transactions within a low friction environment".

The marketplace is also licenced to facilitate the trading of insurance contracts, securities and collateral that is ancillary to the insurance business sourced through cat bonds, notes and preference shares.

AkinovA gives market participants access to capital beyond the traditional insurance market, where around $1.4 trillion of capital is hunting for yield. It also provides access to news, data and analytics from its users and partners, and provides facilities for secure communications between participants.

Henri Winand, chief executive of AkinovA, said the market needed a "neutral, digital-first and regulated electronic environment within which risks and capital take centre stage animated by data centric brokers and third party, data, news and analytics providers".

"Today’s risk environment is more dynamic than ever as evidenced by an ongoing pandemic, the impact of business interruption and dramatically increased cyber exposures across the board," said Winand. "This is the moment when brokers are hunting for the right capital to deliver the right products to their clients at the right price and when insurers and reinsurers seek better and more effective ways to connect with capital markets and new risks. Add to this data providers and modellers seeking new sources of revenue and investors hunting for new sources of yield."

Dennis Mahoney, AkinovA advisor and past Chairman of the World Insurance Network, commented: “AkinovA enables cover buyers, brokers and risk carriers to strive for the mutual benefits which can only be delivered by a trusted, secure, frictionless, transparent, efficient platform. Congratulations Bermuda!”

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