Walkers acts as counsel to Bo Wang Re (Bermuda) Ltd. in acquiring its licence as an Innovative Insurer

Bo Wang was registered as a Class IGB insurer on 30 May 2024 and are now set to launch their new innovative reinsurance platform and products in the largely under-insured electric vehicle sector, initially within the conditional confines of the BMA's Innovative Sandbox.

Bo Wang specializes in collecting, analysing and utilizing data generated from electric vehicles for the purpose of risk underwriting. Their flagship product is their battery extended warranty, which provides malfunction and deterioration coverage for battery packs beyond those provided by the original equipment manufacturers. They also collect data from a variety of sources, and use artificial intelligence and machine learning tools to collate data, as well as identify and weigh risk factors for the purpose of insurance pricing. Their innovative approach to data analytics in leveraging transaction tools such as machine learning and smart contracts promises to create a fully digital experience for their customers.

Our team was led by Partner, Sarah Demerling, and supported by Senior Associate, Shaela Rae and Associate, Aleisha Hollis based in our Bermuda office.