AkinovA, the electronic marketplace for the transfer and trading of insurance and reinsurance risk, has been named 'InsurTech Company of the Year' at the Reactions 2019 London Market Awards.
[LONDON, 1 July 2019] AkinovA received the honour for establishing an independent electronic marketplace, which recently received the first Insurance Regulatory Sandbox licence from the Bermuda Monetary Authority (BMA). AkinovA is working in conjunction with members from across the risk transfer value chain and is initially focusing on growing the cyber and property catastrophe risk transfer markets. It is addressing the need for a dynamic mechanism to transfer large scale cyber risks and it is providing the property catastrophe market with greater efficiencies in the risk transfer process.
AkinovA team members Nick Yeates, Alexander Pike and Henri Winand receiving the 'InsurTech Company of the Year' award alongside Reactions Editor-in-Chief, Shawn Moynihan (Photo courtesy of Reactions)
The London Market Awards honour the industry’s leading underwriting companies, broking firms and service providers for their achievements in the past year in the London insurance and reinsurance markets. This was the first year that Reactions recognised an InsurTech Company in its own category. The category was hotly contested by Azur, Concirrus and Cytora.
The AkinovA team combines reinsurance, Insurance-Linked Securities (ILS) and capital markets expertise and is actively working with partners from across the risk transfer value chain including data, analytics, news and clearing solution providers.
Henri Winand, CEO of AkinovA commented:
“The reinsurance market is ripe for digital evolution. AkinovA aims to unlock growth in the insurance, reinsurance and ILS space by providing the market with the tools to address the ever-expanding cyber protection arena as well as by offering a digitally native environment to place and trade existing property catastrophe risks.
“The reinsurance industry has always responded to gaps in the market in new and innovative ways. For instance, there is currently no mechanism in the market to dynamically transfer cyber exposure, and the creation of an independent electronic marketplace that works in collaboration with all market participants will fundamentally grow the market by improving the way in which insurance-related risks are transferred and traded. The marketplace will be animated by data enabled brokers, cedents, capacity providers, third-party data analytics and actuarial models”
AkinovA has successfully created and established a framework that allows the industry to invest and foster the development of a digital marketplace, whilst preserving marketplace independence – an essential ingredient in encouraging participation from all corners of the risk transfer market.
The ceremony took place at Leonardo Royal Hotel London Tower Bridge, and the award was decided by an independent judging panel.
Alexander Pike: +44 (0) 7712 042 113 Alexander.Pike@AkinovA.com
AkinovA has built 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