Noldor, an insurtech, recently closed on a $10 million seed funding round from a group of well-established insurance investors.
The funding round was led by the DESCOvery group at DE Shaw, a global investment and technology development firm based in New York City with participation from several other strategic investors.
CEO John Horneff says that Noldor’s seed funding positions the company for long-term growth in using data to deepen relationships between insureds and insurers.
Noldor is currently working with dozens of MGAs and across multiple carriers and reinsurance brokers responsible for billions of dollars in gross written premiums.
Active in London and Bermuda (and across multiple lines of business), Noldor’s data platform is being developed to improve efficiency and reduce expense ratios of all stakeholders associated with delegated authority.
Horneff said: “This funding was designed to ensure Noldor will continue to grow and adapt to new use cases alongside the enterprises we work with.”
“Technology is shifting what the efficient frontier of program administration looks like, so we’re actively investing to enable the next generation of carriers, MGAs/MGUs, and reinsurance brokers.”
David Shainok, head of reinsurance and DESCOvery at DE Shaw, said: “John and his team have designed a platform that meets MGAs/MGUs where they are, using their existing systems and data repositories to optimize capacity without requiring investment in tech that only works with one specific insurtech provider or carrier’s system.”
“The potential to drive down expense ratios while improving profitability of program business has never been more mission critical for our industry and we’re excited about what Noldor is building.”