Lottoland has been granted an insurance license by the Financial Services Commission in Gibraltar for its newly established protected cell company (PCC).
The new PCC, Fortuna Insurance PCC, is believed to be the only company in the gaming sector to establish its own insurance company.
Fortuna Insurance has been set up to underwrite all the bookmaking risks of Lottoland and will be regulated by the financial services commission in Gibraltar and the European Insurance and Occupational Pension Authority.
The insurance company will have a board and management team consisting of five experts who focus on insurance and reinsurance, financial markets and regulation.
Nigel Birrell, CEO of Lottoland, said, “The fact that Lottoland is the first and only company in the gaming sector to have done this, highlights our commitment to industry best practice and transparency. This is huge step forward not just for Lottoland but also for the gaming industry.”
In August, Lottoland revealed a two-year ILS transaction, which will now be transferred to sit under Fortuna Insurance.