Insurtech Co. Backed By Swiss Re Becomes Regulated Insurer

Law360, London (November 12, 2019, 12:18 PM GMT) -- An insurance technology business has become the first of its kind in the U.K. to be granted a license to operate as an insurer, offering what is hoped to be a road map for other startups to follow.

Zego, which was handed $42 million in backing by reinsurer Swiss Re in June, said in a statement on Tuesday it has gained a license to operate as a risk carrier with the Gibraltar Financial Services Commission.

Insurers regulated in Gibraltar often have a lower solvency requirement than those regulated by the U.K.’s Prudential Regulation Authority. But they can write business in the...

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