Verisk’s Sequel backs Whitespace
London-based digital reinsurance trading platform Whitespace has signed a definitive investment and acquisition agreement with Sequel , a Verisk business.
Established in 1985, Whitespace provides a fully digital platform that enables brokers and underwriters to offer, negotiate, place and bind (re)insurance contracts with each other. As part of the investment, Whitespace will benefit from the full support and access to the technology, people and capital resources that Sequel and Verisk can offer, while maintaining its own brand and operational autonomy.
“Joining Sequel is a fantastic step forward for Whitespace, as this will accelerate development of our rapidly growing business. We offer our customers a unique proposition that will be further enhanced by collaborating with Sequel to create a compelling digital placement ecosystem for the London and global specialty (re)insurance markets. Together, we can offer more effective products and solutions for our respective customers, and at a faster pace; significantly contributing to the growth, digital transformation, and overall success of our customers.” – Marcus Broome, chief platform officer of Whitespace.
“We’re really pleased to partner with Whitespace and accelerate the development of their digital vision. The combination of Whitespace with our pricing, distribution and policy administration applications creates unique and powerful capabilities for the specialty market. Together, we can enable a seamless real-time quote-to-bind electronic placing and global distribution solution, with straight-through submissions for our existing and prospective customers. Our vision is to offer a best in class ecosystem to the market, fully aligned with and supportive of Lloyd’s Blueprint Two as well as other key market transformation initiatives.” – Ian Summers, CEO of Sequel.
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“The pandemic has added urgency to the digital transformation long sought by many in the life industry. Our plans to integrate Verisk’s EHR Triage Engine with WOMBA’s platform will help insurers make significant progress towards their goals.” - President of global underwriting at Verisk, Maroun Mourad.