Reinsurance technology provider Riskbook has received a £2 million investment to help further develop its Lloyd’s-recognised digital placement platform.
RiskBook was approved by Lloyd’s of London as a recognised electronic placement system for open market reinsurance business earlier this year.
The announcement marked the first time that brokers from any firm could leverage a single placement tool for global reinsurance placements requiring a mixed Lloyd’s and non-Lloyd’s panel.
This new funding was led by private venture capital firms Episode 1 Ventures, MMC Ventures and Seedcamp.
Riskbook was co-founded by Jerad Leigh (formerly of TigerRisk and Aon), Ben Rose (formerly of Aon and Lloyd’s) and technical co-founder Jezen Thomas (CTO).
Riskbook aims to improve the reinsurance placing experience for brokers and underwriters, and secured initial funding in 2019.
Further enhancements to its existing broker to reinsurer interface are expected in addition to the launch of a new service for cedents, which will automate the preparation and validation of submission exhibits in collaboration with their brokers.
“We are excited to be partnering with leading venture capital firms to create the placing experience the reinsurance community has dreamt of for decades,” said Jerad Leigh, CEO of Riskbook.
“Paired with Riskbook’s win-win-win philosophy, this new funding cements our role as a trusted independent provider to cedents, brokers and reinsurers alike.”
Damien Lane, Partner at Episode 1 Ventures, added, “We are thrilled to be partnering with Riskbook as they build a market-leading independent reinsurance platform.
“We loved the team’s combination of deep market insight gained from years of industry experience and their hugely impressive technology capability.
“In a shortspace of time, the team has built something that has had an enthusiastic reaction from allsides of the market and all the investors are looking forward to working with Jerad and Bento continue to deliver game-changing solutions to the industry.”