London, UK (Oct. 15, 2023) \u2013 Howden, the international insurance broker, is pleased to announce it has launched Howden Ventures, subject to Lloyd\u2019s approval, with \u00a3500m of delegated underwriting capacity, to create an investment and risk incubator that will fast-track insurance product development.<\/p>\n
Howden Ventures will draw expertise and resources from specialist innovation teams across the global insurance market. The platform includes a world-first delegated underwriting authority, backed by leading Lloyd\u2019s underwriters, including Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets that provides \u00a3500m of syndicated underwriting capacity to support the development of new insurance solutions.<\/p>\n
As new funding for the global insurtech sector continues to fall following the collapse of Silicon Valley Bank, Howden Ventures has initially committed \u00a310m of new funding to the sector, with a view to support at least five new startups over the next two years.<\/p>\n
By bringing together funding, underwriting capital, expertise, governance and distribution all in one place for the first time, Howden Ventures will create an end-to-end platform and commercial solution that accelerates new product development and insurance innovation. As the UK government moves forward with its planned Solvency II reforms, Howden Ventures will help bring these policy priorities to life by developing innovation in the insurance sector and helping improve the sector\u2019s social impact.<\/p>\n
Insurance innovation expert Tom Hoad will lead the collaborative industry initiative, which will focus on bringing forward solutions to new and emerging risks in a fast-paced and interconnected world \u2013 driven by a changing climate, disruptive technology, macro-economic uncertainty, shifting demographics, and geopolitical pressures.<\/p>\n
Tom Hoad, Head of Howden Ventures, said: \u201cInnovation is all about working together and, for the first time, Howden Ventures will assemble the most innovative thinkers in the insurance ecosystem to help solve some of the world\u2019s most critical risks. Combining the Managing General Agent (MGA) model with insurtech innovation provides the ideal platform to foster collaboration, and to merge external talent, fresh thinking, new technology, funding, and underwriting capacity. By doing so Howden Ventures is aligning interests from all corners of the market to create an economic model that will help the insurance industry invest in the type of long-term, innovative solutions that clients are looking for.\u201d<\/p>\n
David Howden, CEO, Howden, added: \u201cMGAs are the innovation dynamite of the insurance industry. Cyber insurance, insurance for renewables, D&O insurance\u2026 they were all born in the MGA marketplace where capital meets innovative and entrepreneurial talent and capacity providers can be part of critical R&D that clients are crying out for by sharing the risk. I always say that the insurance industry needs to remain relevant to its clients and that is Howden Ventures\u2019 job: to supercharge innovation by bringing great talent and quality capacity together with a turnkey platform to solve the big problems.\u201d<\/p>\n
Dawn Miller, Commercial Director, Lloyd\u2019s, added: \u201cHowden\u2019s new commercial mechanism is a great example of industry collaboration which leverages the Lloyd\u2019s market\u2019s ecosystem of innovation and the MGA model to fast track new solutions. We\u2019re proud to be able to bring people together through the Lloyd\u2019s Lab to solve complex problems and find solutions to help our customers tackle critical risk management challenges and become braver, smarter and more resilient.\u201d<\/p>\n
Howden Ventures also concluded its first investment in CetoAI, the maritime technology company combining data analytics, engineering excellence and artificial intelligence to manage machinery breakdown risk in global shipping with predictive maintenance.<\/p>\n
With Howden\u2019s investment, CetoAI\u2019s suite of solutions will allow ship owners, operators and insurers to use live data to reduce machinery breakdowns, increase vessel utilisation rates, understand operational risk in more detail and reduce performance related emissions, aiding the transition to the low carbon economy.<\/p>\n
Tony Hildrew, Founder & CEO, CetoAI, said: \u201cWe are delighted to welcome Howden as an investor in CetoAI. Their financial contribution and unparalleled network, including some of the largest ship owners across the maritime sector, will support our significant growth ambitions as we continue to bring fresh thinking to the maritime market. The funding, underwriting capacity and expertise that we can access through Howden Ventures is unparalleled and will allow CetoAI to address the emerging risks faced by clients as vessels become larger, more connected and technologically advanced.\u201d<\/p>\n
Daniel Whiteside, Global Head of Marine, Howden, added: \u201cOur investment in CetoAI is the perfect example of the power of insurance to drive market innovation and the development of new products that address climate risk and resilience. With Howden\u2019s support, CetoAI can draw upon the best minds and expertise that the specialty insurance market has to offer as it solves some of the greatest challenges facing the maritime industry.\u201d<\/p>\n
Howden Group Holdings is a leading international insurance group with employee ownership at its heart. Founded in 1994, the Group comprises Howden, the international insurance broker, and DUAL, one of the world\u2019s largest MGAs. We are a group of global experts with a local touch and a digital backbone. Alongside our long term, aligned growth equity investors, employees make up the single largest shareholder group.<\/p>\n
Howden Group Holdings\u2019 businesses operate in over 45 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand and employs over 12,000 people. For more information, please visit www.howdengroupholdings.com<\/a><\/p>\n Source: Howden Group<\/i><\/p>\n Tags: Howden<\/a>, industry first<\/a>, Innovation<\/a>, launch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Howden launches world-first insurance innovation hub with \u00a3500m of delegated underwriting capacity London, UK (Oct. 15, 2023) \u2013 Howden, the international insurance broker, is pleased to announce it has launched Howden Ventures, subject to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20904"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20904"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20904\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}