There remains ’a massive amount of nervousness’ for some UK insurtechs, says chief executive
US lender Silicon Valley Bank (SVB) collapsed on the 10 March 2023, but the UK government was quick to swoop in securing a rescue deal two days later which saw HSBC buy the bank’s UK arm for £1.
Although this move was met with relief by many British startups and insurtechs as it saved them from major losses, and helped the government avoid stepping in to protect depositors – many UK insurtechs are backed by US investors.
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