5th June 2024
Asta is pleased to report that Lloyd’s has granted “permission to underwrite” for MCI’s syndicate-in-a-box (SIAB) 1966 with effect from 10 May. The SIAB promises to deliver a breakthrough insurance product that will accelerate the development of new therapeutic drugs. MCI Syndicate 1966 is forecasting annual gross premium written for 2024 of £35m that will be increased through consortia. Syndicate 1966 was given ‘approval in principle’ in February this year.
Syndicate 1966 uses a new platform with underwriting technology and methodology to provide assistance with assessments and underwriting, which in turn offers an innovative product to the biotech industry. This offering will insure clinical trial funding in the event of a trial failing. By insuring biotech companies against risks inherent in medical innovation and research, it not only greatly reduces the financial risks associated with the clinical trial but also supports growth in the therapeutic drug pipeline.
Lorraine Harfitt, chief executive officer of Asta, said: “We are delighted to confirm the launch of our ninth SIAB which adds significantly to the diversity and innovative nature of our portfolio. We have every confidence in the team at MCI, and we look forward to our continued partnership.”
Established in 2014, MCI commenced trading in May 2015 as an MGA, and in 2021, MCI’s SIAB 1902 was approved at Lloyd’s, with trading commencing at 1 Jan 2022. MCI focuses heavily within the life science and healthcare industry sector, with a successful track record of converting academic/industry experts into underwriters.
