Nassau Re has announced the establishment of an InsurTech incubator, Nassau Re/Imagine, launched to assist selected start-ups focused in life insurance, annuity and reinsurance industries.
The reinsurer’s new InsurTech incubator is to be based in its Boat Building headquarters in Hartford, Connecticut, and will provide complimentary office space as well as business development services.
The company’s Chief Executive Officer (CEO), Phil Gass, commented: “We are excited to launch our Nassau Re/Imagine initiative, as Nassau Re looks to be a leader in Hartford’s emerging insurtech expansion plans. Our industry is changing dramatically, and Hartford’s community and business leaders have created great momentum to attract insurtech entrepreneurs and lead that change.
“Through Nassau Re/Imagine, our goal is to help accelerate Hartford’s transformation as a center for insurtech innovation by fostering new companies that will continue to attract a new generation of talent to the city and state. Further, Nassau Re will provide a free, convenient and supportive environment for founders to develop strong business relationships with Nassau Re and other carriers in the area.”
The Nassau Re/Imagine program was developed in cooperation with both the City of Hartford and Connecticut Innovations, a provider of strategic capital and operational insight.
Hartford Mayor, Luke Bronin added: “Nassau Re’s decision to launch an incubator is another major step forward in our mission to make Hartford a global destination for insurtech innovation.
“Nassau Re/Imagine demonstrates that there’s tremendous interest in our Capital City from entrepreneurs who are at the cutting edge of the insurance industry. I want to thank Phil Gass and the entire team at Nassau Re for their commitment to Hartford and for being part of the growing innovation ecosystem we’re building here.”
According to an announcement, Nassau Re is to contribute up to 48,000 square feet over three years to support its InsurTech incubator. As well as flexible, open space configurations, selected start-ups will also receive legal, human resources, and business development support.
“Hartford continues to evolve into an insurtech hub and premier insurance companies, like NassauRe, are leading the charge by supporting startups in the ecosystem. This incubator will help attract companies to Connecticut and forge stronger relationships between corporates and startups. This is an innovative and exciting new venture by NassauRe’s executive team,” said Matt McCooe, CEO of Connecticut Innovations.
Applications for the initiative are now being accepted by the reinsurer, led by its Chief Marketing Officer, Paul Tyler.
