Aon PLC offers coverage for intangible property used as collateral in a loan, the broker said Tuesday.
The first deployment of the coverage was in a deal involving Indigo Ag, an agricultural technology company that borrows over $ 100 million from a lender using its intellectual property as collateral, the Aon statement said.
The value of this security is insured by a group led by Markel Specialty, with an insurance-linked security structure. Hudson Structured Capital Management was the largest capacity provider, the statement said.
Jim Gray, Executive Vice President of Professional Liability at Markel Specialty, said the insurer "looks forward to building this new market with Aon in the future."
Edouard von Herberstein, partner at HSCM Bermuda, said, "We believe there are significant and growing opportunities and interest in that sector."
"As an innovative company using microbial and digital technologies to facilitate a positive transformation of the agricultural system, Indigo sought to find a way to secure its comprehensive IP asset portfolio," said Jim Young, Indigo's CFO, saying the deal allowed his business to “secure its comprehensive IP asset portfolio. "
Aon's intangible business is part of the broker's New Ventures Group, which was formed during the fourth quarter of 201