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The automated follow-only syndicate aims for integration with broker platforms this summer. -
Marine insurance and reinsurance are target business areas, the project partners said.
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RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
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The UK carrier says the alliance will improve its access to start-ups.
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Flock said the capacity could be used to cover anything from drone cargo deliveries to flying taxi passenger flight.
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Swiss Re pegs China as one of the fastest growing insurance markets in the world.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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The InsurTech was locked in a dispute with Deutsche Telekom over whether it owns the copyright to the use of magenta.
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Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.
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The licence will permit expansion across the EU after the Brexit transition period ends.
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The Charles Taylor chairman will help assess broking, InsurTech and service provider targets as an advisory council member.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
