Stable, which helps protect businesses from volatile commodity prices, has reportedly launched its services in Bermuda.
As part of the move, the InsurTech has established a collateralised insurer group to support its efforts in the country, according to a report from Artemis.
The company has teamed up with Appleby Bermuda and Norton Rose Fulbright to set up as a collateralised insurer as well as an issuer of over-the-counter insurance.
Stable Group CEO Richard Counsell told Artemis, “We’re delighted to launch Stable’s global risk management platform in Bermuda. The support from the BMA and forward looking reinsurers, together with its plethora of top notch service providers and talent made it a natural choice for Stable.”
The InsurTech has raised a total of $6m in funding from backers including Anthemis, Syngenta Ventures, Baloise and Ascot Underwriting, it said.
Stable offers an index-based hedging solution, which is backed by A rated insurers. The company can provide businesses in local, niche and untraded markets with protection from volatile pricing within the food and farming industry.
Users can search for the commodity they wish to protect, enter the quantity and months t be protected for, and then activate the contract. After the protection period, if the final capped price exceeds the fixed strike price, Stable will pay the difference and relace the lost income.
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