Jacqueline McNamee, founder and CEO of the InsurTech MGA announced in January, has confirmed that the company will be named C-Quence.
C-Quence has long term financial backing from Primary Group and underwriting capacity will be provided by Arch Insurance Company (Europe) Limited (Arch).
Jacqueline McNamee commented, “Our ambition is to transform mid market commercial insurance provision in our target markets of the UK and Ireland by radically improving broker and customer service whilst driving down transaction costs and employing leading edge underwriting. We will do this by developing smart technologies that are intuitive and adaptable; by putting data and data analytics at the heart of everything we do and by creating innovative insurance products for open market and facilities business. In short: modernising the market.
“We are delighted to have the long term backing of Primary who have a proven track record of success with disruptive and technology-driven distribution in financial services.
“In addition Arch will be instrumental to our success. They and their global colleagues are among the most respected global providers of innovative risk management solutions in the market.
“With such strong partners supporting us we have been able to put in place a team of over 30 individuals which includes the UK based team who have the breadth and depth of insurance and technology experience and our in-house software development team in Toronto. Both are essential for us to deliver on our ambition.
“With the support of some key commercial brokers we already have a platform in advanced development that raises the bar by setting significantly higher standards for broker and underwriter usability and functionality.
“We are well on course to being fully operational later this year.”
Steve Hardy of Primary Group said, “We were initially attracted by the potential of Jacqueline’s vision. The fact we could offer both financial and technical support to C-Quence means that we are ideal partners for this transformative business.”
Matthew Shulman, President and CEO at Arch added: “At Arch, we support the view that innovative technology solutions are a necessity for carriers and brokers who are looking to grow their small to mid sized commercial insurance portfolios, and we are very excited to partner with C-Quence in this new endeavour.”
C-Quence is an appointed representative of Ambant Underwriting Services Limited, a company authorised and regulated by the Financial Conduct Authority.
Notes to editors
About C-Quence Insurance
C-Quence is a trading name of C-Quence Technologies Limited which is an appointed representative of Ambant Underwriting Services Limited (for general insurance intermediary business), a company authorised and regulated by the Financial Conduct Authority under firm reference number 597301 to carry on insurance mediation activities. C-Quence Technologies Limited is registered in England and Wales company number 11102933. Registered office at 1 Adam Street, London, WC2N 6LE.
About Primary Group
Primary is a specialist active investor in Financial Services, Healthcare and Technology. Primary is privately owned with a proven track record of success with disruptive and technology driven distribution in retail and wholesale markets.
About Arch Insurance (Europe) Limited
Arch Insurance Company (Europe) Limited is a wholly owned subsidiary within the Arch Capital Group Ltd. group of companies. Arch Capital Group Ltd. is a Bermuda based company that underwrites insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries in Bermuda, the USA, Europe, Canada, Australia and Asia.
Arch Insurance Company (Europe) Limited has strong ratings for financial strength from rating agencies.
A.M. Best: "A+"
Standard & Poor's: "A+"
Fitch Ratings: "A+"