Boost Insurance, an insurance infrastructure platform, has announced a significant milestone with the securing of over $130 million in new reinsurance capacity.
This capital injection will fortify Boost’s position in supporting Managing General Agents (MGAs), insurtech firms, and embedded insurance programs.
The expansion includes renewing treaties with existing reinsurers and welcoming new partners, thereby broadening its reinsurance panel to over a dozen industry-leading risk capital providers.
Among the strategic partners reaffirming their commitment are RenaissanceRe and Canopius, with Canopius’ CEO North America and Bermuda, Lisa Davis, praising Boost’s data-driven and technology-enabled risk management approach.
Davis highlighted Boost’s platform for efficiently accessing new market segments and diversifying portfolios, attributing the expanded relationship to Boost’s consistent track record of program profitability.
As an insurance infrastructure provider, Boost packages compliance, capital, and technology to power insurance programs, offering white-label insurance products with built-in capacity from its panel of reinsurers.
The company specialises in developing specialty products to address emerging risks and markets, such as SMB Commercial Cyber, Startup Management Liability, Parental Leave, and Pet Health Insurance.
According to Boost’s CEO and Founder, Alex Maffeo, the commitment of additional reinsurance capacity validates Boost’s platform and capabilities, enabling the support of high-growth programs and fostering innovation across the industry.
Maffeo expressed enthusiasm about upcoming launches in 2024 and beyond, emphasising Boost’s dedication to supporting new entrants.
For reinsurers and risk capital providers, Boost’s platform offers efficient access to innovative capital deployment avenues, with its suite of insurance products designed for modern risks. The proprietary policy administration system ensures dynamic risk and aggregation controls, aligning risk selection with partners’ appetites.
Boost’s subsidiary, Boost Re, facilitates efficient risk transfer, enabling fast capacity deployment for partners and supported programs.
Additionally, Boost unveiled Portfolio Insights, the industry’s first real-time data reporting tool for reinsurers. This tool allows reinsurers deploying capital to Boost’s programs to access performance data securely, empowering faster, more informed business decisions.
