Zego has been awarded its own insurance licence, enabling it to develop and sell its own products. The firm said it was the first-ever UK insurtech company to earn this achievement.

Founded in 2016, the London-based company initially focused on the gig economy. It has since expanded to new mobility services, such as ride hailing, ride sharing, car rental and scooter sharing. It operates in five countries.

Chief executive officer and co-founder of Zego, Sten Saar said this is a huge milestone for the firm.

“The licence is also an essential ingredient in our mission to transform the insurance sector, by creating flexible policies which better reflect risk and truly cater to the fast-evolving world of mobility,” he added. “We have already started selling our own products but will continue to partner with other insurance companies, with this collaboration still a crucial part of our business model.”

The company’s insurance policies are being backed by 15 A-rated reinsurers, including Swiss Re.

Market head P/C UK and Ireland at Swiss Re, Simon Welton said: “Swiss Re is very pleased to have been able to support Zego with our risk knowledge and reinsurance capacity.

“We look forward to continuing to work with them in the future and supporting their growth plans,” he added.

The UK insurtech company raised £33m in Series B funding in June.

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