Boost Insurance, a leading insurance infrastructure platform, has announced a strategic partnership with Canopius US Insurance Holdings, Inc., a subsidiary of the Canopius Group.
This partnership aims to provide long-term risk capacity for insurance programs powered by Boost’s digital MGA (Managing General Agent) platform.
Boost’s full-stack platform offers compliance, capital, and technology infrastructure to insurtechs, MGAs, and embedded insurance partners, reducing the time and capital required for building and scaling insurance programs.
Traditionally, creating and expanding an MGA or insurance program would take years and significant capital investment.
However, Boost’s partners can now access end-to-end infrastructure through a simple API integration, allowing them to scale their digital insurance programs more cost-effectively.
This approach enables partners to concentrate on enhancing their products, services, and customer experiences while maintaining control and flexibility.
Canopius will provide dedicated risk capacity to support the growth of insurance programs backed by Boost. In addition to this commercial partnership, Canopius has made a strategic investment in Boost to support the expansion of its technology platform and partner network.
Boost plans to utilise Canopius’s reinsurance and risk capacity across a range of specialty insurance programs, achieving greater cost efficiency compared to traditional methods.
Lisa Davis, CEO US & Bermuda of Canopius, commented on the partnership, saying, “We see enormous potential in the turnkey infrastructure that Boost has built. By lowering the barriers to entry for both innovative products and new market entrants, Boost has created an opportunity for Canopius to unlock new technology-enabled distribution channels and premium diversification opportunities.”
Alex Maffeo, CEO & Founder of Boost, stated, “Having long-term support from seasoned reinsurers like Canopius enables Boost to provide a rock-solid platform that our partners can trust as they scale their business.”
Canopius’s strategic investment is part of a broader round of financing, with participation from new and existing investors, including RRE Ventures, Fin Capital, and IA Capital Group.
Boost plans to use the investment to enhance its technology stack and introduce a new innovative risk transfer platform, which will be announced in the coming weeks, further improving the insurance value chain’s efficiency.
