Fusion, io.insure aim new M&A offering at SMEs
7 December 2022
Underwriting agency Fusion Specialty today announced the global launch of Mio, a merger and acquisition (M&A) insurance product aimed at SME businesses that are considering deals valued at between $1 million and $100 million.
Mio is available in Australia, the UK, Europe and the US via io.insure, an online insurance marketplace that is owned also by Fusion’s parent company, Pop Holdings.
Fusion and io.insure say the new offering “redefines” M&A insurance for SMEs, whose risk needs in this area remain under-served despite annual premiums of almost $US14 billion ($21 billion).
“Mio meets the otherwise neglected risk cover needs of SME buyers, sellers, advisers, and brokers with its proprietary technology and design developed specifically for the SME M&A segment,” they said jointly in a statement today.
io.insure’s website says Mio has been designed to make it easier for insurers and brokers to serve a far wider range of customers in the SME segment.
Fusion and io.insure co-founder Killian McDermott says the online marketplace’s strategy is to transform the specialty insurance market through partnerships.
“We are building a global ecosystem of clients, advisers, distributors, insurers and MGAs as commercial partners on the io.insure platform,” Mr McDermott said.
“With Fusion as the first global partner insurer on io.insure, we’ll not only provide a full suite of M&A and specialty and sustainable insurance products, starting with Mio, we’ll be laying the foundation for a world-class insurance marketplace which can grow exponentially and benefit all of our customers and partners.”