Marshmallow Insurance Company received its authorisation from the Gibraltar Financial Services Commission (“GFSC”) earlier this week to become Gibraltar’s newest insurance company.
The Hon Albert Isola MP, Gibraltar’s Minister for Digital and Financial Services, stated: “We are delighted to welcome Marshmallow to Gibraltar as the latest insurance company to establish on the Rock. Marshmallow is the UK’s second insurtech business to establish its own insurance company following the authorization of another Gibraltar insurer, Extracover Insurance Company Limited, by insurtech Zego in 2019.
For Gibraltar to have attracted the first two UK insurtechs to operate their own insurance companies is enormously gratifying and reflects the success and development in recent years of Gibraltar’s £5 billion insurance industry with a host of tech savvy insurers. In 2021 we will be working hard to attract more insurtechs to Gibraltar and our recent MGA announcement should definitely widen our appeal to this important sector. We believe that the compelling factors that have been so important to insurance companies are equally relevant to insurtechs.”
Oliver Kent-Braham, CEO and Co-Founder of Marshmallow stated “We are delighted to be welcomed to Gibraltar to operate our new insurance company. We had a clear requirement to find a location that would support our strategy of future expansion within the insurance market and as an established fintech hub, Gibraltar was of significant interest. Our experience with Gibraltar to date has been positive and efficient, we look forward to further benefiting from being in an innovative jurisdiction that encourages and enables us to develop close working relationships in the region.”
Established in 2018 Marshmallow is one of the new breed of insurtech businesses that are using technology innovations to disrupt the current insurance industry model. Marshmallow recently closed a $30 million investment round which included a prominent fintech backer and a large financial institution.