After being approved by the Gibraltar Financial Services Commission for an insurance license, Lottoland has become the first company in the gaming industry to create its own insurance company. The online betting operator has now established Fortuna Insurance PCC Limited, known as Fortuna Insurance.
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According to Totally Gaming, the new insurance company is a Lottoland Holdings Limited subsidiary. All bookmaking risks of the Lottoland company will be underwritten by Fortuna Insurance and regulated by the Financial Services Commission of Gibraltar. The European Insurance and Occupational Pension Authority will also regulate the company, ensuring the Fortuna Insurance maintains compliance with the European Solvency II regulations.
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Five experts will comprise a board and management team of the newly established insurance company, with each offering their own expertise in gaming industry knowledge, financial markets, insurance and reinsurance.
Having announced a second two-year ILS transaction in August, Lottoland will now transfer the transaction to be covered under Fortuna Insurance. Letters of credit and cash trust accounts were reportedly used to fully collateralize the transaction.
Lottoland Solutions, the B2B arm of Lottoland, will also see other operators benefiting from the lottery insurance company of the brand. Winnings payouts of Lottoland Solutions are now guaranteed via Fortuna Insurance with the arm now offering a lottery betting interface with easy integration into existing websites.
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In speaking with Totally Gaming, the CEO of Lottoland, Nigel Birrell, stated that the company is extremely proud to be “the first and only company in the gaming sector” to create an insurance company. Birrell called the move a historic milestone and stated Lottoland will now be able to better access reinsurance markets plus have a useful marketing tool in place.