Global re/insurance outsourcing and consulting specialist Pro Global Holdings Limited is delighted to announce that its dedicated global distribution services and managing general agency incubator brand, Pro MGA Solutions, has extended its strategic partnership in the UK with intelligent decision platform provider QOMPLX’s MGA by supporting the launch of an innovative new parametric product.
Housed within London-based Pro MGA Solutions Limited, QOMPLX MGA has teamed up with international specialty (re)insurance group Chaucer to launch SME-focused parametric multi-peril insurance product WonderCover.
Uniquely, WonderCover provides SMEs with critical business interruption cover in the form of an automatic payment once a pre-determined cyber or terrorism event trigger has taken place.
QOMPLX introduced its MGA providing underwriting services through Pro’s UK based MGA incubator earlier this year.
The latest news builds on the strategic partnership in the US between Pro MGA Solutions Inc and QOMPLX and will see the Pro.MS team work closely with QOMPLX in the UK to support further growth and development of the business.
Danny Maleary, CEO of Pro.MS said: “We are delighted to support QOMPLX in their launch of WonderCover – a truly innovative product developed in partnership with a leading global specialty insurer that addresses a significant gap in the market.
The growth of innovative technology-powered solutions is critical to the future of the insurance sector, and WonderCover is the perfect example of non-traditional, custom cyber and terrorism cover that solves fundamental challenges for insureds that traditional insurance is not delivering.
And we are continuing to see huge interest in the MGA model from entrepreneurs who want to set up a new business and are searching for capacity, as well as demand from global specialty re/insurers looking for MGAs to fit their specific, niche strategic initiatives.
As well as further expanding our international partnership with QOMPLX in the near future, we are also currently managing a strong global deal pipeline for MGA launches in the new year, with half a dozen potential new launches currently under development.”
Alastair Speare-Cole, President & GM of QOMPLX:INSURANCE said: “QOMPLX:MGA will rely on Pro.MS’ MGA not only for support in fulfilling our regulatory obligations but on their wide industry experience of Lloyd’s international insurance distribution.
With WonderCover, we are proud to simplify the process of buying coverage against complex events like cyber and terrorism and increase the availability of insurance and the transparency behind the product.
For WonderCover, QOMPLX:INSURANCE leverages proprietary cyber and terrorism modeling capabilities to provide a simple fixed limit offering designed to cover multiple man-made perils.”