Reinsurance News

AkinovA launches new funding round, expands investor base

15th July 2019 - Author: Matt Sheehan

AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has launched a Series B investment round and revealed a previously undisclosed investor in its last round of funding.

Previous investors in the firm include Hiscox and the venture capital arm of MS&AD.

Now, AkinovA has added Israel-based venture capital fund FinTLV to its list of investors.

The new round of funding is expected to help AkinovA focus on unlocking growth in the insurance, reinsurance and insurance-linked securities (ILS) markets for cyber and property catastrophe risk trading.

The AkinovA Marketplace is designed to offer cedents, brokers and capacity providers a digitally native environment to rapidly transfer cyber risks, as well as deliver further efficiencies to trading natural and property catastrophe risks.

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It should be noted however, that the company has yet to deliver a working product and no transactions have taken place, as its marketplace remains under development.

“As one of AkinovA’s Series A investors, we were struck by the fact that AkinovA is relatively unique in the FinTech and InsurTech world: their fundamental proposition is to unlock growth, not just efficiency and cost reduction alone,” said Gil Arazi, Co-Founder and Managing Partner of FinTLV.

“We recognised that, over time, AkinovA’s platform will be able to be used across multiple lines of business beyond cyber risk transfer,” he continued. “We look forward to bringing our deep FinTech, C-level insurance operational experience and access to our cyber security cluster to accelerate AkinovA’s growth.”

Henri Winand, Chief Executive Officer of AkinovA, also commented: “We are delighted to count Gil and the FinTLV team as one of our investors. They bring much more than money with their network – insurance C‑level operational experience and a proactive approach.”

“As we are ramping up AkinovA’s commercial operations, it was natural to launch a Series B investment round,” he explained.

“Of course, we are focused on unlocking cyber risk and ILS industry growth. However, we have been asked by selected brokers and, more broadly, other market participants to assist in bringing efficiencies to the existing property and natural catastrophe risk transfer market.”

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