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December 14, 2023

3 London insurance tech startups eye Hartford presence

Greg Bordonaro Emma Wade-Smith, the UK’s trade commissioner for North America, speaking at the MetroHartford Alliance's annual meeting in East Hartford.

Three London-based, early-stage insurance technology companies plan to establish a presence in Hartford, a move precipitated by a 2022 partnership struck between Connecticut and UK officials to create an InsurTech Corridor between the two regions.

The announcement was made by Emma Wade-Smith, the UK’s trade commissioner for North America, during the MetroHartford Alliance’s annual meeting on Tuesday at the Pratt & Whitney Hangar Museum in East Hartford.

Wade-Smith was involved last year in the formation of the InsurTech Corridor, which aims to create stronger business ties between Connecticut and the UK. 

The agreement aims to remove jurisdictional barriers to cooperation, and encourage knowledge and resource sharing that would enable insurers in both Connecticut and the UK to explore and expand into each other's markets.

The three startups that plan to establish a presence in Hartford include: 

  • Previsico, which has developed technology to forecast flooding events;
  • Matrix iQ, which provides data analytics to aid with risk management;
  • and Gaia, which uses predictive analytics to try to re-risk the costly IVF fertility treatment process.

The companies have not yet signed leases for office space. The MetroHartford Alliance said it's working with the companies to identify temporary landing spaces until permanent locations are secured. The startups are not exepcted to have signifcant employee counts in Hartford, at least to start, but the hope is they grow and expand their presence over time. 

Also at the annual meeting, the Connecticut Airport Authority and MetroHartford Alliance announced they are forming a public-private partnership to recruit a direct flight from Bradley International Airport to Heathrow Airport in London. 

Connecticut’s only other existing direct flight to Europe is offered by Aer Lingus, which recently relaunched service from Bradley to Dublin, Ireland. 

Dillon said landing a direct London flight will be a challenge and likely require help from the state in the form of a revenue guarantee to entice an airline to consider providing the service.  That’s how Connecticut originally landed Aer Lingus’ direct flight to Dublin.
 

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