Business
New Joint Venture Agreement
New Joint Venture Agreement.
About this update from Wilmington Plc
[{"type":"text","content":"\n \nRNS Number : 2601H Wilmington PLC 14 November 2018 \n\n14 November 2018\nWilmington plc\n(\"Wilmington\" or the \"Group\")\nNew Joint Venture Agreement\n50:50 Joint Venture with The Digital Insurer PTE. Ltd in Singapore\nNew product offering for Axco insurance information business will strengthen insurance insight\n \nWilmington plc (LSE: WIL), the provider of information, education and networking services in Risk & Compliance, Professional and Healthcare knowledge areas, announces that Axco, the Group's insurance information subsidiary, has entered into a 50:50 joint venture (\"JV\") agreement with The Digital Insurer PTE. Ltd in Singapore. \n \nThe JV, Axco Digital Insurer Ratings PTE. Ltd, will be based in Singapore and will develop a new product that will provide insurance industry participants with information on the new wave of Insurance Technology providers (\"InsurTech\") that are becoming increasingly important in the industry. \n \nInsurTech provides an exciting opportunity to enhance and, in some instances, disrupt traditional markets. The challenge for insurance market participants is to assess these new entrants and consider how they can best incorporate these new offerings into their current services. The JV will provide syndicated research that will allow subscribers to assess the various InsurTech participants, their services, market propositions and business potential. \n \nWilmington will be investing up to US$260,000 in the venture of which US$250,000 will be in the form of a loan to the entity. The Digital Insurer PTE. Ltd is providing the technical capability to create the intellectual property on which the JV's products will be based. Both partners will use their complementary presence in the global insurance market to leverage business development for the JV. \n \nThe agreement provides the option for Wilmington to subscribe for further shares in the JV in the future, allowing it to become a subsidiary once the venture has proved its commercial success. In accordance with usual practice in such circumstances, the joint venture agreement provides that whilst the entity remains a 50:50 vehicle, any deadlock between the parties can be ultimately resolved through either party offering to sell its shares to the o...