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Insurer Denies Stealing £39M Trade Secrets From Underwriter
Law360, London (May 7, 2021, 5:54 PM BST) Marshmallow Financial Services Ltd. has argued in the High Court that it does not owe its former underwriter £39 million ($55 million) for allegedly stealing trade secrets, as its newly created insurer uses a ratings engine developed in-house.
Financial technology company Marshmallow, which specializes in offering insurance to recent migrants to the U.K., said in an April 30 High Court filing that a ratings engine that it has been using to set customer premiums through its newly formed underwriter Marshmallow Insurance Ltd., which began trading in January 2021, was originally developed by its internal team in late 2017.