Agile Risk Partners, a London-based MGA start-up, has partnered with OnRisk, a U.S InsurTech start-up, on the development of an advanced, CAD-style platform for underwriting, structuring and distributing high-value property and casualty (P&C) risk.
Under the terms of the strategic partnership recently concluded by the parties, Agile will become an early adopter of the platform and contribute its underwriting and risk advisory expertise to support OnRisk’s planned extensions.
Agile intends to use the platform to structure its direct and facultative (D&F) property deals, and it is anticipated that around 200 of such deals, including many that require insurance-linked securities (ILS) capacity support, will be bound using the platform during Agile’s first year of operation.
The firm added that it plans to commit resources to support the conversion of the current, patented prototype platform into sophisticated CAD software capable of modelling the kind of intricate risk-sharing arrangements used by the global re/insurance industry.
“To structure high-value deals in a fast-paced trading environment, we’ll need speed, precision and flexibility that exceed the capabilities of mud maps and spreadsheets,” said Richard Foster, Agile’s Director of Underwriting.
“We look forward to the deployment of a CAD platform that can efficiently transact the most complex property risk transfers in the London market.”
Frank Sweeney, Chief Executive Officer (CEO) of OnRisk, also commented: “Agile and OnRisk share a belief that the high-value risk market has benefited greatly from capital innovation, but remains technology-constrained and lower priority for insurtech investment. This collaboration will enable us to inject advanced technology directly into core high-value risk structuring processes.”
James Poole, Agile’s Managing Director, further stated: “We think these precise, visual structuring tools are potentially foundational for accelerating innovation in the high-value risk space. We are eager to push the technology envelope to the benefit of our buyers and capacity providers.”