Howden launches facility focusing on investment, product development

Howden Group Holdings Ltd. on Monday said it has launched Howden Ventures, a new facility with about £500 million ($610.81 million) of delegated underwriting capacity focusing on investment and fast-track insurance product development.

The new facility is subject to Lloyd’s approval, a Howden statement said.

The platform includes backing from underwriters including Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets, the statement said.

Howden Ventures has also committed £10 million of new funding with plans to support at least five new startups over the next two years. It has already concluded its first investment in CetoAI, a maritime technology company.

Tom Hoad, who will head Howden Ventures, said in the statement that combining the managing general agent model with insurtech innovation provides “the ideal platform to foster collaboration.”