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Howden Launches Howden Ventures Seeking to Revolutionize Insurance Industry

Posted on October 16, 2023October 16, 2023 By Martin Hinton

In a groundbreaking move, Howden has unveiled Howden Ventures with an impressive £500 million of delegated underwriting capacity. This initiative aims to establish an investment and risk incubator that will accelerate the development of insurance products. The move is pending approval from Lloyd’s.

 “MGAs are the innovation dynamite of the insurance industry.  Cyber insurance, insurance for renewables, D&O insurance…”

David Howden, CEO, Howden

Tom Hoad, Head of Howden Ventures, said, “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.”

 “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,” said David Howden, CEO, Howden.

Howden Ventures is set to tap into the expertise and resources of specialist innovation teams from across the global insurance market. It features a unique delegated underwriting authority, supported by leading Lloyd’s underwriters like Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets, offering £500 million of syndicated underwriting capacity to drive the creation of innovative insurance solutions.

The global insurtech sector has seen a decline in funding after the Silicon Valley Bank’s collapse, but Howden Ventures is stepping in with an initial commitment of £10 million to support at least five new startups within the next two years.

What sets Howden Ventures apart is its holistic approach, bringing together funding, underwriting capital, expertise, governance, and distribution into one comprehensive platform. This approach is expected to expedite new product development and foster innovation in the insurance sector.

Leading the charge is insurance innovation expert Tom Hoad. He will spearhead efforts to address new and emerging risks in a rapidly changing world characterized by climate shifts, disruptive technology, economic uncertainty, shifting demographics, and geopolitical pressures.

Dawn Miller, Commercial Director at Lloyd’s, praised Howden’s collaborative approach, harnessing the power of the Lloyd’s market ecosystem to expedite novel solutions.

CetoAI

Howden Ventures has already made its first investment in CetoAI, a maritime technology company. They use data analytics, engineering, and artificial intelligence to manage machinery breakdown risk in global shipping.

With Howden’s support, CetoAI aims to reduce machinery breakdowns, enhance vessel utilization rates, and address operational risks in the maritime industry. This investment aligns with the transition to a low-carbon economy.

Howden’s involvement in CetoAI showcases the insurance industry’s potential to drive innovation, especially in addressing climate risk and resilience.

Source: Howden launches world-first insurance innovation hub with £500m of delegated underwriting capacity

Other News: Howden Provides a Single Policy to Cover  Three Nightmares of Cyber Attacks (Opens in a new browser tab)

Cyber Insurance Underwriting Tags:cyber insurance, Howden

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SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

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00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
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Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
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