Commodity risk insurtech Stable launches in Bermuda
Bermuda-based Stable , a creator of an index insurance product for food and farming businesses around the world that automatically reimburses lost income caused by volatile prices, announced its official launch.
Founded in 2016, Stable’s data science platform enables the company to democratize access to ‘hedging’ for businesses of every sector and every size. The scalable platform is working with over 3,000 commodities in over 70 countries. In contrast to traditional insurance, the automated index-based solution means the business owner can get a quote in less than 2 minutes and any claims due are paid in less than 48 hours.
With the help of Appleby Bermuda, and Norton Rose Fulbright Stable established its Collateralised Insurer (Stable Corporation) and an issuer of over-the-counter (OTC) commodity derivatives (Stable Bermuda). Insurance management is provided by Aon and reinsurance support is provided by A rated reinsurers led by Ascot Bermuda.
“Stable’s innovative technology enables the platform to tackle a significant problem for a $5trn industry. As a leading reinsurer, Ascot is excited to support this diversifying new line of business, priced with cutting edge technology.” – Andrew Brooks, CEO of Ascot Group.
“We’re delighted to launch Stable’s global risk management platform in Bermuda. The support from the BMA and forward looking reinsurers, together with its plethora of top notch service providers and talent made it a natural choice for Stable.” – Richard Counsell, CEO of Stable Group.
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By leveraging CoverWallet, the insurtech startup Aon acquired in January 2020, Aon is further expanding the solutions and services it provides to 30 million small and medium-sized US businesses. New and existing clients now benefit from a dedicated team for small and middle market businesses, a user-friendly digital platform, and self-service tools.