New travel-focused MGA launches

New travel-focused MGA Gigasure launched yesterday (6 August 2024) alongside its very first travel insurance policy.

The new travel, backpackers and car hire excess policy will initially be rolled out across the UK, with further territories and features to follow.

London and Cardiff-based Gigasure said it is aiming to take a more flexible, bespoke approach to cover that can be managed via an app. 

The newly launched MGA’s policy also offers real time flight and baggage delay support via its Gigashield real time payout feature. 

Gigasure’s policies will be underwritten by SiriusPoint and AmTrust International.

Ernesto Suarez, chief executive of Gigasure, said: “Gigasure’s launch represents a new era in insurance, where technology empowers consumers to shape their own protection.

”For so many people, insurance is something they buy and forget about until something goes wrong because, ultimately, their insurers offer them very little ongoing value.

”We want to change that. In an increasingly uncertain world, where people are looking for everyday security and reassurance, our personalised insurance offers exactly that.”

Growing

Gigasure, which is also a member of trade association Insurtech UK, has put together a team with insurance industry backgrounds.

This includes former Zurich head of travel and underwriting Gary Murphy , who lead on travel products and former Cover More head of specialty for Europe Karen McCullough, who will be responsible for future growth areas.

Stuart Scott, an experienced chief technology officer that has worked with Suarez for more than 15 years, will also be joining the newly launched firm. 

Suarez previously founded specialist insurance online platform Halo, which Zurich and Cover More Group acquired in 2017. He was also vice president for UK personal lines at AIG for a decade between 1999 and 2009.

He added: “I couldn’t be happier with the team that’s come on board to build Gigasure and I’m committed to empowering them to build the most exciting insurance products on the market.

”We’re growing our capabilities all the time and now we’ve launched, we will be focusing on more innovation to improve our customers’ experience of insurance.”