Roamly, a fast-growing InsurTech, has been appointed as a Coverholder at Lloyd’s of London, marking a significant milestone for the company as it expands its authority in the specialised travel and recreational vehicle (RV) insurance markets.
The designation allows Roamly to underwrite and issue policies directly on Lloyd’s balance sheet, reflecting a high level of trust in the company’s underwriting discipline and capabilities, according to FF News.
Lloyd’s of London, regarded as the world’s leading insurance and reinsurance marketplace, bestows the Coverholder status only upon select organisations meeting rigorous criteria. The appointment permits Roamly to offer custom, niche insurance products with increased agility and credibility, particularly for customers in the United States and Canada.
“Becoming a Lloyd’s Coverholder is an exceptional achievement, as only a select number of outstanding partners are approved each year. This designation underscores Roamly’s commitment to being actuarially led delivering low loss ratios paired with best-in-class insurance products and backed by financial strength,” said Jeff Cavins, CEO of the Outdoorsy Group, Roamly’s parent company.
“More importantly, it’s a critical enabler for the future of shared mobility. From RVs and campervans to carshare and emerging transportation models like cybercabs, the sharing economy demands specialised, agile insurance. This appointment positions Roamly to introduce new offerings faster and with greater credibility, expanding our marketplace offerings to partners and providing even greater value to customers who are embracing new ways to travel and share assets. It reinforces our role as a trusted brand in the specialty insurance space, ready to power the next wave of innovation.”
The sharing and on-demand economies pose unique challenges for traditional insurers due to the multiplicity of users and non-continuous asset ownership. Roamly’s expertise in crafting flexible insurance solutions for such complex marketplaces has now been formally recognised through the Lloyd’s partnership.
Christopher Moore, President of Apollo ibott 1971, who supported Roamly’s application to become a Coverholder, remarked: “Consistent with our goal to build long-term sustainable insurance partnerships for our future, we look forward to ongoing partnership and collaboration with Roamly. Since we first met, we were impressed with Roamly’s clear underwriting framework and risk management for specialised vehicles and marketplaces. Roamly has a track record for introducing new, high-quality offerings to niche markets like on-demand, shared marketplaces, and I’m excited to be teaming up on what we create together.”
The Coverholder designation enhances Roamly’s capacity to innovate, respond swiftly to evolving customer needs, and offer high-assurance coverage backed by the financial strength and global reputation of Lloyd’s.
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