MS Amlin signals its ESG ambitions with investment in MGA for minority-owned SMEs

MS Amlin has made a minority investment in a US-based environmental, social and governance (ESG) focused managing general agency (MGA), as part of its strategy of targeting high quality US-based specialty MGAs.

InQlusiv is a start-up that provides business owners policies (BOP) and parametric digital business interruption policies, with a focus on LGBTQ, female and minority/ethnic owned small to medium sized enterprises (SME) across the US.

The initial product offering covers both property and liability exposure, alongside the digital business interruption policy.  Over time InQlusiv will expand available coverage to include commercial general liability, property, business auto, e-business cover, workers’ compensation, small group life and SME health benefit packages to the communities described above.

Founded by Andrew Terrell and William Klepp, InQlusiv will launch in the US later this year and is licenced in 50 US states. It is intended to provide simple and cost effective ESG-based insurance and risk mitigation products, which will be sold via a digital platform.

MS Amlin noted that the SMEs targeted by InQlusiv tend to be underinsured and may be struggling to find affordable cover as they rebuild their businesses following the COVID-19 pandemic. Its investment is designed to help provide simple and cost-effective cover that can be easily purchased online, as well as effortlessly accessed immediately post event, via a single parametric trigger.

Johan Slabbert, chief executive officer of MS Amlin Underwriting, said the investment underpins its commitment to invest, learn and grow its ESG experience and capability through a diverse range of developments and initiatives.

“ESG anchors everything that InQlusiv does and we’re looking forward to learning from them as both businesses grow together in the US market,” said Slabbert. “Andrew and William have an excellent track record of targeting previously underinsured niches, as well as a strong commercial pedigree with decades of re/insurance experience.”

Andrew Terrell, co-founder and managing partner at InQlusiv, added: “We’re so pleased to have the support of MS Amlin as one of our key investors as we prepare to go to market and launch what will be part of the next chapter in the development, distribution and servicing of insurance for a more diverse and inclusive world. We believe our community centred vision, alongside our underwriting discipline and highly efficient platform will support our growth and profitability in the months and years ahead.”