MS Amlin, the global re/insurer with an underwriting office in Bermuda, has invested in US-based Environmental, Social and Governance (ESG) focused managing general agency InQlusiv, LLC.

The company recently announced a strategy of targeting high quality specialty MGAs in the United States.

MS Amlin said the minority investment supports an innovative start-up that will provide a business owners policy, plus a parametric digital business interruption policy for small to medium sized enterprises focused on LGBTQ, female and minority/ethnic owned businesses across the US, as they seek to rebuild local economies and recover from the impact of the Covid-19 pandemic.

The company said it recognises that these communities in the US are likely underinsured and potentially struggling to find affordable cover as they rebuild their businesses, and this investment is designed to help provide simple and cost-effective cover that can be easily purchased online, as well as effortlessly accessed immediately post event, via a single parametric trigger.

Launching into the US market later this year, MS Amlin said InQlusiv was founded by Andrew Terrell and William Klepp, who share a vision to provide simple and cost effective ESG based insurance and risk mitigation products to community based small businesses.

The company’s products will be sold via a digital platform, licenced in 50 US states.

The initial product offering covers both property and liability exposure, alongside the digital business interruption policy. Over time InQlusiv will expand available coverage to include commercial general liability, property, business auto, E-business cover, workers compensation, small group life and SME health benefit packages to the communities described above.

Johan Slabbert, CEO of MS Amlin Underwriting Ltd, said: “We’re delighted to invest in such an innovative, community-oriented company like InQlusiv. ESG anchors everything that InQlusiv does and we’re looking forward to learning from them as both businesses grow together in the US market.

“Andrew and William have an excellent track record of targeting previously under-insured niches, as well as a strong commercial pedigree with decades of re/insurance experience.

“The transaction underpins our growing commitment to invest, learn and grow our ESG experience and capability through a diverse range of developments and initiatives. We’re excited by the significant opportunity that InQlusiv and our growing US MGA strategy represents.”

Mr Terrell, co-founder and managing partner, said: “We’re so pleased to have the support of MS Amlin as one of our key investors as we prepare to go to market and launch what will be part of the next chapter in the development, distribution and servicing of insurance for a more diverse and inclusive world.

“We believe our community centred vision, alongside our underwriting discipline and highly efficient platform will support our growth and profitability in the months and years ahead.”

MS Amlin is a global re/insurer with three main legal entities operating in the Lloyd’s, UK, Continental European and Bermudian markets. The organisation employs some 1,800 people in more than 20 locations worldwide.

Headquarted in Norwalk, Connecticut, InQlusiv is a start-up MGA, that builds on the experience of its founding partners experience gained in developing and introducing the first fully underwritten term and permanent standard life insurance in the US, for those living with HIV.

InQlusiv said its products will be distributed through a 50-state, regulatory compliant, hybrid digital distribution platform, which it said was built in conjunction with community based and minority, women and LGBTQ input.