Bondaval is establishing a reinsurance vehicle, Bondaval Re, marking a new chapter for the business, which has so far been operating exclusively as a managing general agent.
According to the firm, Bondaval Re will allow it to partner directly with reinsurers as well as insurers, including those within their existing global reinsurance treaty, to further expand the potential opportunities the business may seek to pursue.
The move will also reportedly align Bondaval’s underwriting interests even more strongly with those of their insurance and reinsurance partners as they take reinsured risk onto their balance sheet for the first time.
Ewa Rose, Chief Underwriting Officer, Bondaval, commented, “Launching Bondaval Re will provide a scalable solution with which to support the company’s continued growth, as well as to prepare for further planned expansion.
“By creating a close alignment of risk between Bondaval and our stakeholders, we demonstrate our long-term investment and commitment to the business, and confidence in the calibre of our underwriting.”
The launch of Bondaval Re was made possible through financing provided by Dawn Capital, a European specialist B2B software investor, alongside continued support from Octopus Ventures and other existing investors.
Dan Chaplin, Partner at Dawn Capital, said, “Bondaval is combining innovation at the insurance product level with a technology platform that enables greater transparency and granularity in underwriting.
“This is expanding the addressable market of risk that can be protected, and we believe will play an important role in securing the fast-growing economy of global trade.
“The company’s growth to date has proven that there is significant appetite for its offering, and we are delighted to be supporting this stellar team as they transform the daily working lives of credit teams at some of the world’s largest businesses.”
Tom Powell, CEO of Bondaval, stated, “Receiving backing from a VC like Dawn Capital with such an impressive track record is further validation and a strong vote of confidence in Bondaval and our expansion strategy.
“We’re excited to start this partnership and look forward to continuing to execute against our plans.”
