The AkinovA Marketplace has received the first Insurance Regulatory Sandbox licence from the Bermuda Monetary Authority (BMA) to enable the transfer of (re)insurance risks by Cedents and their Intermediaries to Investors using its electronic trading platform, including news, data and analytics from its users and partners, and secure communications for marketplace participants.
[LONDON, 14 May 2019] AkinovA (Bermuda) Ltd, the wholly-owned Bermuda trading subsidiary of AkinovA Limited, has been granted authorisation by the BMA, Bermuda’s financial services regulator, to carry out business through its Innovative Market Infrastructure under the auspices of the BMAs Innovative Regulatory Sandbox Regime.
AkinovA has worked closely with the Bermuda Authorities and others to secure this licence under the new legislative framework that came into effect in July 2018. The new regime created the framework where companies can test new technologies and offer innovative products, services and delivery mechanisms to customers in a controlled environment.
The authorisation permits AkinovA to enable cedents and intermediaries acting on their behalf to transfer (re)insurance risk to investors using its electronic platform. AkinovA is also permitted to provide integrated news, data, analytics and communications to marketplace participants.
With the new regime, Bermuda continues to demonstrate that it is at the forefront of providing innovative solutions in the insurance, Insurance Linked Securities (ILS) and captive markets. Combined with its regulatory probity, this is one of the many reasons why Bermuda is such a well-respected and leading financial centre for (re)insurance. The Bermuda market has both the largest ILS and captive sectors in the world and boasts one of the world’s largest reinsurance sectors.
The BMA recognises the growing importance of disruptive innovation in the insurance and wider financial industry and the critical role that innovation plays in promoting efficiency and enhancing competitiveness in the market.
Henri Winand, CEO of AkinovA commented:
“We selected Bermuda as our first regulated operating base because of their willingness and desire to innovate within the insurance sector. The Regulators understood, right from the word “go”, the need to establish an appropriate regulatory framework for what AkinovA is building for its users, to ensure AkinovA’s independence as an infrastructure provider and a digital marketplace.
It was really important that AkinovA is not set to compete with the very ecosystem it serves whilst being able to provide more than basic trading with the inclusion of news, data, analytics from its users and partners and secure communications to marketplace participants”.
The Premier of Bermuda, the Hon. E. David Burt commented:
“One of the largest hurdles facing the global insurance sector is the challenge of bringing developments to market amid an insurance regulatory landscape that does not always provide the flexibility necessary to accommodate new concepts at the same speed as the technology develops.
Technology-enabled innovations in the insurance industry aims to offer simpler products and streamlined customer experiences. The challenge for many insurance companies is to determine the best way to embrace the financial technology imperative given their strategic vision and business objectives.
The AkinovA team brings with it an extensive and somewhat unique blend of experience from Insurance, Capital Markets and Technology that we believe is needed to launch a successful electronic marketplace for the (re)insurance industry. We are confident that under the Bermuda Regulatory framework, they will help drive growth and innovation in the insurance market.”
Brad Adderley, AkinovA’s Bermuda Counsel and Partner at Appleby commented:
“We are very pleased to help AkinovA forge and continue to develop what they need to serve their clients. We are grateful for the support we have had, and continue to have, from the BMA to develop the right framework needed for AkinovA to serve its clients as a pure-play infrastructure provider, whilst preserving its independence.”
About AkinovA
AkinovA is building an independent electronic marketplace for the transfer and trading of (re)insurance risks. Founded by experts from Insurance, Technology and Capital Markets, AkinovA is working with the existing (re)insurance value chain to help grow the overall market.
AkinovA is backed by an accomplished Advisory Board with a wealth of experience in Insurance, Capital Markets and Technology. Whilst remaining an independent marketplace, AkinovA is working with leading insurance industry participants, including Hiscox and MS&AD Insurance Group.
For more information, please go to www.AkinovA.com
Enquiries
Alexander.Pike@AkinovA.com
0044 (0)771 204 113