AkinovA (Bermuda) Ltd., the wholly owned Bermuda trading subsidiary of AkinovA Ltd., has been granted the first “Insurance Marketplace Provider” license by Bermuda’s financial services regulator.
This new category of insurance intermediary provides capital providers, brokers, agents and cover buyers with a safe and remote electronic space to enable them to exchange information and agree transactions within a low friction environment, said London-based AkinovA Ltd. in a statement.
The license from the Bermuda Monetary Authority (BMA) enables AkinovA to facilitate the transfer of insurance and reinsurance risks by cedents and their intermediaries (brokers and agents) to a wide range of both traditional and non-traditional capacity providers, using its digital risk transfer marketplace in a fully regulated environment.
AkinovA is also licensed to facilitate the trading of insurance contracts securities or collateral that is ancillary to the insurance business sourced through catbonds, notes or preference shares.
For brokers and cover buyers, AkinovA provides the potential to access capital beyond traditional insurance market to some US$1.4 trillion of capital hunting for yield.
Brokers, agents and capital providers in the U.S., UK, EU, Bermuda and Canada can join the marketplace and transact with market participants representing capital in over 40 jurisdictions. The AkinovA platform also includes access to news, data and analytics from its users and partners, and provides facilities for secure communications between participants.
Bermuda has both the largest insurance linked securities (ILS) and captive insurance sector globally and boasts one of the world’s largest reinsurance markets, said AkinovA.
“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 Henri Winand, CEO of AkinovA.
“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,” he added.
“Add to this data providers and modellers seeking new sources of revenue and investors hunting for new sources of yield. All these require a neutral, digital-first and regulated electronic environment within which risks and capital take center stage animated by data centric brokers and third party, data, news and analytics providers.”
Industry veteran, AkinovA adviser and past chairman of the World Insurance Network, Dennis Mahoney, 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!”
AkinovA is an independent electronic marketplace for the transfer and trading of re/insurance risk which is regulated in Bermuda. The marketplace is a regulated electronic environment where insurance and reinsurance risks can access new sources of capacity as well as increase the efficiency of transferring and trading re/insurance risks in the primary and secondary markets. AkinovA also offers re/insurance service providers an additional channel to share their models, data and expertise with market participants. AkinovA is working with the existing re/insurance value chain to grow the overall market.
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