’The UK is renowned as a hub for both insurance and technology innovation,’ says cofounder

Bondaval cofounder Sam Damoussi has said the UK is a “core part” of its expansion plans after signing a new deal with Great American Europe.

Great American designs and delivers a customised insurance programmes that aim to minimise risk, generate insurance revenue and build customer loyalty.

The deal will see Bondaval’s platform-based solution now be supplemented by Great American’s team and Standard and Poor (S&P) A plus-rated financial rating.

Speaking to Insurance Times, Damoussi said that the UK was ”renowned as a hub for both insurance and technology innovation” and that his firm “looked forward to building on that reputation with the support of Great American and broker partners”.

”We’re thrilled to be working with Great American,” he added.

”Underpinning our technology offering with their S&P A plus paper and ability to transact in both the UK and EU is a core part of our expansion plan.”

The deal

The multi-year agreement was completed via Great American International Insurance (UK) and Great American International Insurance (EU) DAC.

Great American Insurance UK is the specialty and niche arm of the insurer and will join Bondaval’s existing global panel of insurers and reinsurers.

Bondaval said this would allow it to unlock more long-term capacity, market expertise and risk insights for their expanding blue chip client base.

“Joining forces with Great American allows us to capitalise further on the significant opportunity in front of us in both the UK and Europe,” Damboussi said.

”This relationship means more cover for more clients and capturing more market share.”

Meanwhile, for Great American, working with Bondaval provides an opportunity to grow its customer base using the insurtech’s proprietary technology.

Julian Bartlett, group chief executive, said: “Through Bondaval, we hope to capture a new segment of the market, diversifying our portfolio and accessing a new pool of diligently underwritten premium.”