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British insurance information provider Axco has entered a 50:50 joint venture with Singapore’s The Digital Insurer, which will provide the insurance industry with information regarding insurance technology (insurtech) providers.
The joint venture, known as Axco Digital Insurer Ratings Pte Ltd, will be based in Singapore and will develop a new product providing insurance industry participants with information regarding the insurtech wave.
According to a statement from Axco’s parent company Wilmington, it will invest up to US$260,000 in the venture, of which US$250,000 will be in the form of a loan to the entity. Meanwhile, The Digital Insurer will provide the technical capability on which the joint venture’s products will be based.
The joint venture’s terms include an option for Wilmington to subscribe for further shares in the future, allowing it to become a subsidiary if it proves profitable.
“We are delighted to be setting up this joint venture with The Digital Insurer,” said Pedro Ros, CEO of Wilmington. “The product it will develop will enable us to provide a wider range of services to our current insurance clients as well as introducing us to new industry participants.”
“We look forward to working with Wilmington and Axco to deliver these innovative new products to the global insurance market,” said Hugh Terry, CEO of The Digital Insurer. “Insurtech is an exciting and fast-developing part of the insurance ecosystem and together we believe we will be able to offer insurance participants unrivalled insight into how to adopt the new offerings in the most effective way.”
