Rosetta Risk Management (RRM) has secured investment from Howden Ventures, which is set to “accelerate its transition to a fully tech-enabled construction insurance MGA.”
Currently a SaaS platform, RRM said it will aggregate construction risk performance data, “enriching the insights necessary to drive a more sustainable development sector.”
The firm continued, “By using real-time data from construction projects, including details on building materials, construction techniques, and project timelines, RRM will be able to provide an enhanced underwriting approach as it transitions into an MGA as part of the Howden Ventures platform.”
Initially focused on Modern Methods of Construction (MMC) and Mass Timber (MT), RRM said that insurers will be able to derive new insights that will increase insurability and reduce premiums for this high-growth sector.
The firm also noted that this initiative is strategically positioned to play a pivotal role in curtailing the carbon footprint associated with construction projects.
Tom Hoad, Head of Howden Ventures, commented, “We believe RRM’s innovative approach will redefine how construction insurance is underwritten. It will focus on MMC, offering efficient and tailored coverage to meet the evolving needs of construction companies and contribute to a more sustainable future.”
Naresh Dade, Managing Director and Global Practice Leader of Construction & Infrastructure Assets, Howden, added, “In collaboration with RRM, our aim is to support our clients and open up the supply of underwriting capacity by underpinning risk submissions with enriched data to better evaluate and manage risk.
“This investment emphasises Howden’s commitment to transforming the construction insurance landscape with a focus on sustainability.”
“Philip Callow, Founder & CEO of RRM, said, “It is clear from our extensive experience in the construction insurance marketplace that our customers are using technology to reduce risk and increase productivity across the whole architecture, engineering, and construction value chain. RRM is uniquely placed to leverage this customer data for better insurance outcomes.”
Callow concluded, “By securing support from Howden Ventures we can show both the power of the data our customers already hold and facilitate their path to net zero, which is a first for our industry.
“Working with Howden Ventures will enable us to develop our technology and accelerate our transition to a fully tech-enabled construction insurance MGA.”
