Fusion and io.insure launch M&A solution to bridge SME risk gap

Specialist MGA Fusion Specialty and io.insure have launched Mio, a M&A insurance online for small- to mid-sized businesses, to address the significant risk protection gap in the SME market.

Mio is available in Australia, UK, Europe and the US via io.insure, aims to meets the otherwise neglected risk cover needs of SME buyers, sellers, advisors, and brokers with its proprietary technology and design developed for the SME M&A segment.

Fusion estimates the SME M&A insurance market to be worth almost US$14bn in insurance premiums. Yet despite high levels of demand, 60% of submissions for warranty and indemnity insurance were declined by insurers in 2021. It adds that underwriters often do not cover smaller M&A deals due to problematic legacy systems, labour intensive processes and insufficient staff.

Mio provides transactional risk cover for M&A deals valued between US$1m and US$100m. Fusion says it enables underwriters to deliver a standalone policy online within two to three days, versus two to three weeks for traditional policies.

David Rogers, Fusion and io.insure co-founder, said: “Traditional insurers and MGAs could not be first to market with a product like Mio as the industry has yet to widely embrace technology. We are going much further and have built an MGA 2.0 – specialist underwriting expertise enabled by data and technology and with highly efficient tech-driven partnership distribution.”

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