David Howden
16 October 2023News

Howden launches Lloyd’s innovation hub

Broker Howden has launched what it has called an insurance innovation hub with the backing of delegated underwriting capacity from a group of Lloyd’s carriers including Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets.

The £500 million Howden Ventures will create an investment and risk incubator that will fast-track insurance product development. It has promised to create an end-to-end platform and commercial solution that accelerates new product development and insurance innovation.

The platform includes a world-first delegated underwriting authority, backed by leading Lloyd’s underwriters, including Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets that provides £500 million of syndicated underwriting capacity to support the development of new insurance solutions.

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 – driven by a changing climate, disruptive technology, macro-economic uncertainty, shifting demographics, and geopolitical pressures.

Hoad, head of Howden Ventures, said: “Innovation 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’s 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.”

David Howden, CEO, Howden, added: “MGAs are the innovation dynamite of the insurance industry. Cyber insurance, insurance for renewables, D&O insurance... 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' job: to supercharge innovation by bringing great talent and quality capacity together with a turnkey platform to solve the big problems.”

Dawn Miller, commercial director, Lloyd’s, added: “Howden’s new commercial mechanism is a great example of industry collaboration which leverages the Lloyd’s market’s ecosystem of innovation and the MGA model to fast track new solutions. We’re proud to be able to bring people together through the Lloyd’s Lab to solve complex problems and find solutions to help our customers tackle critical risk management challenges and become braver, smarter and more resilient.”




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