Whitespace eyes continued international expansion
Following the success of Whitespace in the London Market, we are taking steps to expand our offering to the US market, with interest also growing from other international hubs like Bermuda and Singapore.
As part of large US-based data analytics and risk assessment firm Verisk since 2021, it's a natural development in our growth journey and an obvious market for us to serve.
Marcus Broome, Chief Platform Officer at Whitespace, spoke to the press about the expansion plans and the rationale behind them.
London only accounts for around 7% of global specialty premium, so the goal is for Whitespace to play a role wherever offer and acceptance exists in the insurance contracting process.
Whitespace has incorporated full support for Market Reform Contract v3 since June 2023, and our technology is able to lift data points from global contracts and drop them into MRCv3 ready for transaction in London.
Marcus stated that a strong 1.1 renewals season is a contributing factor to the growing interest from new markets, and the Belgian marine market is already transacting on the platform.
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