AkinovA (Bermuda) Ltd., the wholly owned Bermuda trading subsidiary of AkinovA Ltd., has been awarded the first & # 39; Insurance Marketplace Provider & # 39; license from Bermuda's financial services regulator.
This new category of insurance intermediaries provides providers of capital, brokers, agents and cover buyers with a safe and secluded electronic space to enable them to exchange information and negotiate transactions within a low-friction environment, London-based AkinovA Ltd said. . in a statement.
The Bermuda Monetary Authority (BMA) license allows AkinovA to facilitate the transfer of insurance and reinsurance risks by cedants and their intermediaries (brokers and agents) to a wide variety 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 subordinate to the insurance business, obtained through cat bonds, notes or preferred stock.
For brokers and coverage buyers, AkinovA offers the potential to access capital outside of the traditional insurance market of up to approximately US $ 1.4 trillion in capital hunting for returns.
Brokers, agents and capital providers in the US, UK, EU, Bermuda and Canada can enter the market and transact with market participants representing capital in more than 40 jurisdictions. The AkinovA platform also provides access to news, data and analysis from its users and partners, and provides facilities for secure communication between participants.
Bermuda has both the largest Insurance Linked Securities (ILS) and captive insurance industries worldwide and has one of the world's largest reinsurance markets, AkinovA said.
"The current risk environment is more dynamic than ever, as evidenced by an ongoing pandemic, the impact of business interruptions and dramatically increased cyber exposures across the board," said Henri Winand, CEO of AkinovA.
"This is when brokers look for the right capital to deliver the right products at the right price to their clients, and when insurers and reinsurers look for better and more effective ways to connect to capital markets and new risks , ”He added.
Add to that data providers and modelers looking for new sources of income and investors looking for new sources of revenue. All of this requires a neutral, digital and regulated electronic environment centered on risk and capital, animated by data-centric brokers and third-party data, news and analytics providers. "
Industry veteran AkinovA advisor and former World Insurance Network chairman Dennis Mahoney commented, “AkinovA empowers cover buyers, brokers and risk carriers to pursue the mutual benefits that can only be delivered by a trusted partner. , safe, frictionless, transparent, efficient platform. Congratulations Bermuda! "
AkinovA is an independent electronic marketplace for the transfer and trading of reinsurance / insurance risks that is regulated in Bermuda. The market is a regulated electronic environment where insurance and reinsurance risks can access new sources of capacity and increase the efficiency of transferring and trading reinsurance risks in the primary and secondary markets. AkinovA also offers reinsurance / insurance service providers an additional channel to share their models, data and expertise with market participants. AkinovA is partnering with the existing reinsurance / insurance value chain to grow the overall market.
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