Builders Direct partners with insurtech MGA

Builders Direct Insurance, the direct insurance business of Builders Group Insurance Solutions (BGIS), has united with specialist insurtech managing general agent Happy Fly.

Based in London, Happy Fly offers insurance and technology solutions to airlines to mitigate the financial and administrative burdens of EU261/2004 flight delay compensation exposures.

EU261 is a regulation in EU law establishing common rules on flight delay compensation and assistance.

Happy Fly also offers a cloud-based claims portal which autonomously manages, validates, and verifies passenger EU261 claims as well as paying compensation to passengers anywhere in the world.

Builders Group said that it has an “in-depth knowledge of creating re/insurance programmes which deliver carefully targeted economic benefits which are capable of addressing some of the airline industry’s most complex insurance and risk management issues”.

John Morrey, CEO of Builders Insurance Holdings, has been appointed to the board of directors of Happy Fly’s holding company, HPT (Holdings).

Ian Jansingh, managing director of Happy Fly, said: “The Happy Fly team are thrilled to be working alongside Builders. This is the final piece of the puzzle. We now have the re/insurance capacity as well as the technology to assist airlines everywhere.”

Morrey added that he was excited about the partnership with Happy Fly.

He said: “We have come a long way at Builders. Builders started out as a captive reinsurer in Luxembourg in 2000 and has evolved since into a specialty niche player in re/insurance with captive management offerings.

“I am thrilled to work with our partners at HappyFly to translate our own success story into a proposal to address one of the airlines’ most pressing needs. Managing EU261 claims using smart technology and combining it with the strengths of our own model creates a truly unique solution.”