A group of nine insurance industry firms announced Thursday that they are coming together to form a micro consortium and micro insurance venture incubator (MVI) in an effort to help develop risk management markets in underserved communities in the developing world.
The consortium will consist of American International Group, Inc., Aspen Insurance Holdings Limited, Catlin Group Limited LLC, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Transatlantic Reinsurance Company, X.L. Group, plc, and Zurich Insurance Group. Joan Lamm-Tennant, Global Chief Economist and Risk Strategist with Guy Carpenter, has been appointed to serve as the MVI's CEO.
"Increasingly, the growth of our industry is tied to innovation and the positive impact we make on society," said Daniel S. Glaser, president and CEO of Marsh & McLennan Companies. "The MVI applies our collective expertise and intellectual capital to help millions of people around the world."
The incubator will be based in Bermuda and the group is currently evaluating opportunities in Latin America, Africa and emerging Asia, with the initial venture scheduled for launch in 2015. The MVI has committed to launching 10 micro insurance ventures over the next 10 years.
According to the release, the MVI will help micro insurance ventures launch portfolios and operations worldwide. The incubator will also help ventures by offering services such as local partnerships and tools to measure social impact.
"In many regions of the world, opportunities to better oneself and one's community come more slowly and with devastating risks because the resilience created by the insurance sector is not available," said Michael S. McGavick, CEO of XL Group. "This must change, and I am terribly proud that this consortium have come together to do something about it."
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