Lottoland launches own insurance company
New Fortuna Insurance subsidiary to underwrite all of the operator’s bookmaking risk
Lottoland has set up its own insurance company after being granted a licence by the Financial Services Commission (FSC) of Gibraltar.
The newly-established Fortuna Insurance is a subsidiary of Lottoland Holdings Limited and will underwrite all the bookmaking risks of Lottoland.
Lottoland founder David von Rosen told EGR the new firm would give Lottoland better access to reinsurance markets as well as being a useful marketing tool.
“It’s powerful for us to be able to say we are a fully licensed insurance company both on the B2B and B2C side,” he said.
David von Rosen, founder of Lottoland
He added that Fortuna Insurance will also be looking to secure other clients and B2B partners in the future.
The subsidiary will have a board and management team consisting of six directors – three new hires and three existing executives – who will provide expertise on insurance and reinsurance, financial markets, regulation and gaming.
Lottoland said Fortuna Insurance would provide it with even more flexibility to innovate and offer new games to players.
Group CEO Nigel Birrell 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.”
The largest win paid out by Lottoland was €22m to a player from Berlin in 2016 while Lottoland players have won over €900m combined.